Manchester’s Leesa Sleep secures £17.6m investment in latest funding round

Online mattress retailer Leesa Sleep has secured a £17.6m investment.

The Manchester company said the eight-figure sum, raised in a Series B funding round led by venture capital firm One Better Ventures, will be invested in its brand and the launch of new products.

Leesa Sleep will also use the cash to extend the reach and impact of its partnerships, events and celebrity relationships, which includes work with ambassadors such as former competitive swimmer Michael Phelps and gymnast Aly Raisman.

One Better Ventures is headed up by John Replogle, the chief exec of personal care products company Seventh Generation.

As part of the deal, John will join Leesa as chairman of the board alongside Peter Graham, who was chairman of Seventh Generation until it was acquired by Unilever at the end of last year.

The company, headquartered in Virginia, was founded at the start of 2015 by e-commerce entrepreneur David Wolfe and mattress industry businessman Jamie Diamonstein.

In its Series A funding in mid-2015, Leesa raised £5.4m through TitleCard Capital, whose partners include comedian Jimmy Kimmel, actress Kate Hudson and singer-songwriter Adam Levine.

Now, Leesa has forecast sales in the next 12 months to pass the £152m mark.

David Wolfe, the firm’s co-founder and CEO, said: “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.

“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.”

John Replogle commented: “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.

“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.”

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