US-based smart mattress producer Eight Sleep has closed an $86m series C round featuring internet and telecommunications group SoftBank.
Investment firm Valor Equity Partners led the round, which included venture capital firms Khosla Ventures, Founders Fund and General Catalyst. It increased Eight Sleep’s valuation to nearly $500m, the company confirmed to TechCrunch.
Founded in 2014, Eight Sleep sells a range of smart mattresses that can monitor data about users’ sleeping patterns as well as temperature and environment preferences. Its products can use this data to adjust the conditions of the bed to promote better sleep quality.
The proceeds of the round will be used to hire new staff and to accelerate Eight Sleep’s innovation and technology roadmap. It has raised over $150m to date including an undisclosed amount of funding from several individual investors in June 2021.
Founder Fund led a $40m round for Eight Sleep in November 2019 that also featured Craft Ventures, Khosla Ventures, Y Combinator, 8VC, Ryan Petersen and Kevin Hartz. The company received $14m in a 2018 series B round led by Khosla Ventures and backed by Y Combinator and Yunqi Partners.
Comcast Ventures, the corporate venturing arm of mass media group Comcast, had participated in a $6.9m series A round for Eight Sleep in 2017 alongside Stanford University’s StartX Fund, Yunqi Partners, Azure Capital, Sinovation Ventures and Y Combinator.
In 2016, the company pulled in $6m of seed funding from Comcast Ventures, Y Combinator, Yunqi Partners, Azure Capital, Cota Capital, Vast Ventures, Stanford University, Galvanize Ventures and Jared Friedman.