Eight Sleep has closed $86 million 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. Gracias sits on the boards of Tesla, SpaceX and K Health and has led investments in other companies, including Bird, Reddit and Uber.
Since the launch of its -Pod technology, Eight Sleep has built a following of 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 said it has raised over $150 million and 2021 revenue is on track to more than triple versus 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, 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.”
Currently, more than 100 pro athletes rely on the Eight Sleep Pod for 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 2021/22 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.
Photo courtesy Eight Sleep