Eight Sleep Raises USD 40 Million in Growth Funding Round

By StartUp City | Monday, November 11, 2019

The company's latest innovation, the Pod, is a high tech bed that combines dynamic temperature regulation, biometric tracking, smart home integrations, and sleep coaching to deliver the complete solution for enhanced rest and recovery.

FREMONT, CA: New York-based sleep fitness company Eight Sleep raised USD 40 million in a Series B funding round led by Founders Fund, with participation from Craft Ventures, Khosla Ventures, Y Combinator, 8VC, Ryan Petersen, Founder of Flexport, and Kevin Hartz, Co-Founder, and Chairman of Eventbrite. Trae Stephen, Partner at Founders Fund, will be joining Eight Sleep's board of directors as part of the deal.

Eight Sleep leverages thermoregulation, data, and technology to design products that restore individuals to their peak energy levels every morning. The company's latest innovation, the Pod, is a high tech bed that combines dynamic temperature regulation, biometric tracking, smart home integrations, and sleep coaching to deliver the complete solution for enhanced rest and recovery. The success of the product is visible from the acceptance it has received among professional, high-performance athletes, business leaders, technology titans, and venture capitalists.

“We are building a brand that optimizes sleep through technology, data, and insights. This round of financing is a testament to our momentum and will enable us to continue to evolve the Pod, bring more products to market, and build the sleep fitness category,” said Matteo Franceschetti, co-founder and CEO of Eight Sleep. “With this new round of funding, we will focus on growth by doubling the team, expanding our retail footprint, and reinforcing our investment in R&D. Our product roadmap will define the future of sleep in a matter of a few years.”

By harnessing sleep data, Eight Sleep has revolutionized sleep performance within the health and wellness industry, deliver cutting-edge innovative products that solve sleep’s biggest problems. “We all spend ideally a third of our lives sleeping, yet every startup selling mattresses is just innovating on the business model, not on the quality of the sleep they provide,” said Trae Stephen, Partner at Founders Fund. “Eight Sleep’s thermodynamic solution to regulate your body temperature to enhance sleep is a complete game-changer.”

The company plans to invest the additional USD 40 million in scientific research and development as well as workforce and retail growth. The company also plans to launch an experimental trial with Stanford University to study the effects of temperature regulation on sleep using Eight Sleep products. They aim to double their team of 50 to 100 as soon as possible.

Weekly Brief