Total amount raised
₹3.7 Billions
Latest funding date
12/1/2023
Location
The Sleep Company has successfully raised funding through multiple rounds, with its latest being a Series C round on December 6, 2023. The company is known for its innovative SmartGRID mattresses that adapt to the user's body shape.
Keep reading to explore the intricacies of The Sleep Company's fundraising journey and the investors backing this innovative platform.
What Is The Sleep Company?
The Sleep Company, founded in 2019 by Harshil Salot and Priyank Goyal, is based in Mumbai, Maharashtra, India. The company specializes in developing SmartGRID technology products, including mattresses, recliner beds, pillows, and chairs.
With a focus on revolutionizing comfort, The Sleep Company aims to enhance sleep quality through innovative research in sleep sciences. Their patented SmartGRID technology adapts to the user's body shape, providing superior support and breathability.
Currently, The Sleep Company employs between 101-250 people, reflecting its growth and commitment to delivering cutting-edge comfort solutions.
How Much Funding Has The Sleep Company Raised?
- Series C
- Amount Raised: ₹1.8B (approx. $21.6M)
- Date: December 2023
- Lead Investors: Fireside Ventures, Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up the experience store network and expand internationally.
- Series B
- Amount Raised: ₹1.7B (approx. $21.3M)
- Date: November 2022
- Lead Investors: Premji Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance omnichannel presence and expand market penetration in Japan, the UK, and the UAE.
- Debt Financing
- Amount Raised: ₹82M (approx. $1M)
- Date: November 2022
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and growth initiatives.
- Seed Round
- Amount Raised: ₹134M (approx. $1.7M)
- Date: July 2021
- Lead Investors: Fireside Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and market their innovative SmartGRID technology products.
Total Amount Raised: $45.6M. Current Valuation: Not publicly disclosed.
Key Investors
- Fireside Ventures
- Details: Fireside Ventures is a venture capital firm focused on early-stage consumer brands. They have a strong track record of supporting startups in their growth phases.
- Investment Focus Areas: Consumer brands, wellness, lifestyle.
- Notable Investments: Mamaearth, Boat, Vahdam Teas.
- Premji Invest
- Details: Premji Invest is a private equity and venture capital firm that invests in various sectors. They are known for their long-term investment strategy and significant stakes in high-growth companies.
- Investment Focus Areas: Technology, consumer, healthcare, financial services.
- Notable Investments: Flipkart, PolicyBazaar, Lenskart.
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides debt financing to startups. They support high-growth companies with flexible financing solutions.
- Investment Focus Areas: Various sectors, including technology and consumer services.
- Notable Investments: Dunzo, Lendingkart, ZestMoney.
- LogX Ventures
- Details: LogX Ventures participated in the pre-Series A round of The Sleep Company. They focus on early-stage investments in innovative startups.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Information not publicly disclosed.
- Varun Alagh
- Details: Varun Alagh is the co-founder of Mamaearth, a well-known consumer brand. He has invested in The Sleep Company during its pre-Series A round.
- Investment Focus Areas: Consumer brands, wellness, lifestyle.
- Notable Investments: Information not publicly disclosed.
What's Next for The Sleep Company?
The Sleep Company is poised for significant growth, with plans to expand its offline presence from 3 to 25 stores by March and penetrate international markets like Japan, the UK, and the UAE. The Indian mattress market, valued at $223.40 million in 2022, is expected to grow annually by 9.79%, presenting a substantial opportunity for the company.
Future fundraising seems likely as the company aims to scale its revenue from Rs 200 crore to Rs 1,000 crore in the next three fiscal years. However, challenges such as high competition from both traditional and online brands, and maintaining product quality during rapid expansion, could pose hurdles. Navigating these challenges will be crucial for sustained growth.
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