Eight Sleep Raises $86M Series C to Scale Sleep Fitness Movement
Eight Sleep, the world's first sleep fitness company, today announced it has closed $86M in Series C funding led by Valor Equity Partners, with participation from other funds, including SoftBank, Khosla Ventures, Founders Fund, and General Catalyst. Antonio Gracias, Valor's Founder, CEO, and CIO, joined the Eight Sleep Board. Mr. Gracias sits on the boards of Tesla, SpaceX, and K Health and has led investments in other highly disruptive companies, including Bird, Reddit, and Uber. Since the launch of its best-selling Pod technology, Eight Sleep has built a cult-like following amongst celebrities, pro athletes, entrepreneurs, and executives, many of whom are invested in the company, including Alex Rodriguez (retired MLB athlete and entrepreneur), Kevin Hart (actor and comedian), Kyle Vogt (founder of Cruise), Naval Ravikant (founder of Angelist), Anthony Pompliano (entrepreneur), Kris Bryant (San Francisco Giants outfielder), J.D. Martinez (Boston Red Sox outfielder), and Sophia Amoruso (author and entrepreneur). To date, Eight Sleep has raised over $150M and 2021 revenue is on track to more than triple vs. 2020. The funds will be used to accelerate the company's innovation and technology roadmap and grow the size of the team.
"Our end goal is to develop the most sophisticated technologies for restorative and preventative health and this round helps us invest in building the team that will develop the next-generation of Eight Sleep products," said Matteo Franceschetti, Co-founder and CEO of Eight Sleep. "Beyond our successful solutions for thermoregulation, we're working towards managing all of the factors that may disrupt users' rest to ensure everyone can improve sleep fitness for better health, performance, and longevity."
"The sleep tech market is only in its infancy. The opportunity is limitless, as we spend up to a third of our lives asleep. Consumers are increasingly focused on sleep fitness as the understanding of how deeply important sleep is to overall health becomes more widely known," said Antonio Gracias. "The first night I slept on the Pod I knew we had to get involved. We've seen this in our portfolio many times - Eight Sleep's products and technology are disrupting the sleep market, and its rapid innovation is outpacing the competition as it builds a new sleep fitness focused category that delivers results."
Eight Sleep: Creating the Sleep Fitness Movement
Eight Sleep has revolutionized the archaic sleep category by using health-grade sensors and creating individual AI models that adapt the sleeping environment by responding to each user's sleep patterns, temperature preferences, environment values, and feedback history. This data-driven approach guides the user towards sleep optimization by leveraging thermoregulation and biofeedback, and case studies have shown that Eight Sleep products help customers to fall asleep up to 40% faster, get up to 20% more deep sleep, experience 30% fewer mid-night wake ups, and up to 30% fewer tosses and turns.
If a user is able to improve their sleep efficiency by 25%, the need for eight hours of sleep each night could be a thing of the past. To achieve this, Eight Sleep recently launched SleepOS, the world's first operating system for sleep optimization that includes a new suite of cutting-edge features: Smart Temp Autopilot and Sleep and Health Insights. SleepOS acts as the brains of Eight Sleep and uses data to personalize and adjust the Pod towards each users' unique sleep fitness goals.
Working with Pro Athletes and Sports Teams
Currently more than 100 pro athletes rely on the Eight Sleep Pod to power their recovery, including current and former Olympians Matthew Dellavedova (2020 Bronze Medalist, Basketball), Daryl Homer (2020, and 2016 Silver Medalist, Fencing), Jane Campbell (2020 Bronze Medalist, Soccer) and Apolo Ohno (Two-Time Gold Medalist, Speed Skating). Ahead of the 2021-2022 season, the Sacramento Kings introduced the Eight Sleep Pod team-wide to improve player performance through sleep fitness optimization. The Kings are the first pro basketball team to invest in innovative technologies for personalized sleep and recovery.
"Since introducing the Eight Sleep Pod to the team last spring, players, coaches, and staff have been really impressed," said Teena Murray, VP, Health & Performance, Sacramento Kings. "Eight Sleep is the only sleep technology product with the ability to personalize all aspects of the sleep experience to optimize sleep quality - critical for the health, recovery, and performance of our players."
Eight Sleep currently ships to the U.S. and Canada directly via eightsleep.com. By the end of 2021, the company plans to expand distribution to new international markets.
About Eight Sleep
Eight Sleep is the world's first sleep fitness brand with a mission to fuel human potential through optimal sleep. Founded in 2014, Eight Sleep leverages thermoregulation, data, and technology to design products to restore individuals to their peak energy levels every morning. Eight Sleep was named one of Fast Company's "Most Innovative Companies of 2018" and recognized two years in a row by TIME's Best Inventions of the Year. To learn more, visit eightsleep.com.
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