The Sleep Company secures $22M in Series C

The Sleep Company, a startup in sleep solutions, has successfully secured $22M in Series C funding. This round was fueled by the continued support of its existing investors, Premji Invest and Fireside Ventures.

The investment came only a year after The Sleep Company secured nearly $21.3M.

• Current Status: The Mumbai-based company's valuation has more than doubled since the last funding round. The Sleep Company has also set robust financial goals, intending to turn profitable by the end of the financial year 2025. Over the past 12 months, the company has seen a substantial 2.6X growth in business.

• Funding Use: The recent funding will serve to broaden product lines, including the expansion of SmartGRID-based products into new categories, and bolster marketing activities for enhanced brand visibility.

• Background: The Sleep Company initially started as a Direct-to-Consumer (D2C) brand in 2019, and now offers a wide range of products, including mattresses, pillows, cushions, sheets, and chairs. In March 2022, the company made a move towards an omnichannel presence with its first physical store in Bengaluru. Today, it has over 60 retail stores and 16 experience centers across more than 20 cities.

• Success Factors: Co-founder Priyanka Salot attributes their success to three key factors: a strong focus on innovation, customer acquisition costs (CAC) that are financially sustainable per order, and a successful omnichannel strategy, which boosts conversion rates since mattresses are a touch-and-feel category.

With impressive momentum and a 6X growth in just two years, The Sleep Company's journey reflects a promising outlook. Premji Invest and Fireside Ventures continue to express confidence in the company's capabilities and future growth.