Another mattress startup can sleep tight: Leesa lands £17.6m

A startup that makes mattresses in the heart of Derbyshire and delivers them to sleepers' doors in a surprisingly small box has landed millions of pounds in fresh funding.

Leesa, one of several startups claiming to disrupt sleep with innovative designs and by selling online direct to customers, has raised £17.6m as it aims to hit sales of more than $200m over the next year.

The series B round was led by One Better Ventures, the investment firm of John Replogle, chief executive of Unilever-owned US eco-friendly consumer goods firm Seventh Generation. The founder of Toms shoes Blake Mycoskie also participated.

Total funding for the startup comes to £23m with previous backing from Titlecard Capital, a private equity firm backed by celebrities such as late night TV host Jimmy Kimmel and Maroon 5 frontman Adam Levine.

Leesa isn't the only mattress startup on the scene, or the only one to grab the attention of famous faces.

US startup Casper boats Leonardo DiCaprio as a backer and launched in the UK last year. The UK's Simba Sleep landed an impressive line up of CIty backers early this year, while another homegrown startup also boasting high-profile investors, Eve Sleep, is exploring, plans to float.

A small box hides a full-size mattress (Source: Leesa)

As for Leesa it said the fresh cash will go on expansion, including new products - though it did not say what kind - and extending partnerships with celebrities such as Michael Phelps to promote the brand.

Co-founder and chief executive David Wolfe said: “We are humbled and invigorated by the extraordinary response Leesa has received in such a short period of time, and we are excited to use this round of funding to broaden our reach to customers and influencers alike as well as expand into the retail category.

“As a company that values its impact on the world as much as its financial prosperity, we are also thrilled to be able to use this success to drive toward our audacious goal of ending homelessness.”

The social good focused startup donates one mattress to the homeless for every ten sold and has given away more than 17,000 to date.

It is based in Manchester in the UK and headquartered in Virginia in the US. It produces mattresses localy in each country it operates in, which also includes Canada and Germany.

“The combination of Leesa’s exceptional products, experienced management, customer service and dedication to social good is what has propelled them forward in the category,” said Replogle, who will become chairman of Leesa's board.

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