Leesa Sleep is a direct-to-consumer online luxury mattress retailer with an ethical purpose. The mattress company is a certified B-Corp, and has provided more than 17,000 new mattresses to those in need globally. Leesa Sleep has recently raised £17.6 million series B funding in a round led by One Better Ventures.
The investment company is led by Seventh Generation CEO John Replogle, who will now join Leesa as chairman of the board alongside Peter Graham who was chairman of Seventh Generation until its recent sale to Unilever.
Other notable investors include social impact entrepreneurs such as Blake Mycoskie, Founder of TOMS. The investors included in this round are aligned with Leesa’s social mission – to elevate life with thoughtfully designed and crafted products, and to be a force for good in the world.
Launched at the beginning of 2015 by e-commerce entrepreneur David Wolfe and mattress industry veteran Jamie Diamonstein, Leesa raised £5.4 million in its series A funding in mid-2015 through TitleCard Capital, whose partners include well-known artists and professional athletes such as Adam Levine, Jimmy Kimmel and Kate Hudson.
Leesa has delivered triple digit growth and positive cashflow since its inception and sales are expected to exceed £152 million in the next 12 months.
“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,” said David Wolfe, co-founder and CEO of Leesa. “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.”
Leesa will use this second round of funding to invest in the brand and to drive growth by launching a series of new products as well as to extend the reach and impact of its partnerships, events and celebrity relationships based around a common goal to be a force for both wellness and good. This includes continued work with long term ambassadors Michael Phelps and Aly Raisman.
Leesa will also use this round of funding to further expand its product line to cover the entire sleep spectrum, as well as furthering its social impact programme, One-Ten, wherein Leesa donates one mattress for every 10 sold. This is one part of a three-tiered social impact programme that affects every employee and customer of Leesa, according to the company.
“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 John Replogle, CEO of Seventh Generation and chairman of the board at Leesa. “This round will help to ensure Leesa is a household name known as much for its amazing sleep products as for its social mission and goal of providing all people with a place to rest their head at night.”