LONDON, United Kingdom — Eight sleep, a next-gen sleep fitness company making waves in the US is set to launch in the UK.
The startup, which makes smart mattresses and mattress covers that utilise thermoregulation, machine learning and other artificial intelligence to improve the user’s sleep will be available to customers in the United Kingdom directly via its website.
The move comes off the back of a recent $86 million Series C funding round, which propelled the company’s total raised to $150 million and skyrocketed its valuation to almost $500 million.
With a fresh injection of capital and the backing of big names including SoftBank, Khosla Ventures, Founders Fund and General Catalyst, the Miami-based startup is now looking to accelerate its innovation and technology roadmap and grow its presence.
“Our goal is to offer the most sophisticated technologies for restorative and preventative health to people everywhere,” commented Matteo Franceschetti, Co-founder and CEO of Eight Sleep.
“Expanding to the UK is a step towards helping people all over the globe to achieve optimal health via Eight Sleep’s patented technologies and products.”
Already a hit with athletes in the US — with more than 100 professionals, using and investing in the brand — like most premium wellness tech, Eight Sleep is banking on a trickle-down effect to capture the attention of the mass market.
Appetite for health tracking devices is growing, as consumers increasingly gravitate towards the use of technology that can measure and metricise everything from heart rate, blood pressure, sleep and more to guide healthier lifestyle choices. However, the sleep tech market is still very much in its infancy, which means educating and engaging consumers will be a key driver of future growth.
A recent partnership with boutique fitness brand Barry’s, in which Barry’s community now have access to exclusive pricing on Eight Sleep products, is just one of the ways Eight is tapping into a more mainstream audience.
Its partnership with Los Angeles Lakers star Danny Green, who recently starred in a national advertising campaign for the brand in the US, also demonstrates its commitment to building visibility among new demographics.
The strategy appears to be having an impact, with the brand’s revenue for 2021 currently on track to triple that of 2020. And investors are clearly confident in its potential to cement itself as a leader in the global sleep market, which is on track to reach $585 billion by 2024.
The opportunity is limitless, as we spend up to a third of our lives asleep,” commented investor and board member Antonio Gracias — who sits on the boards of Tesla, SpaceX, and K Health and has led investments in other highly disruptive companies, including Bird, Reddit, and Uber.
“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.”