Connected mattress startup Bryte has raised $20 million in new funding led by Tempur Sealy International, the company announced Wednesday.
Bryte, founded in 2016, is best known for its Restorative Bed, which measures how people sleep and can be adjusted for comfort. The company is based in Los Altos, California, and its mattresses can be found at luxury hotels including the Fairmont Scottsdale Princess and Four Seasons Hotel Los Angeles.
The funding gives mattress giant Tempur Sealy a stake in the connected mattress company. Tempur Sealy’s brands include Tempur-Pedic and Sealy mattresses.
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“Our mission is to empower lives through restorative sleep, which starts by reaching as many people as possible, with the most technically advanced products and first-rate services at a complete range of price points,” Bryte CEO Luke Kelly said in a statement. “There is simply no company in the world with a more complete and desirable portfolio of brands than Tempur Sealy, and we couldn’t be more excited about their investment.”
Mattresses have become somewhat trendy in the past few years, and many new companies have adapted a direct-to-consumer model. Companies like Casper and Purple have sprung up and raised funds from both private and public investors.
They haven’t gone without their challenges though. Casper, for example, went public in 2020, only to struggle on the stock market before agreeing to be taken private by a private equity firm late last year. Utah-based Purple, which went public in 2018, has also seen its stock price decline nearly 78% since the beginning of this year.
Bryte last raised a $24.5 million Series A in January 2021, according to Crunchbase. Other investors in the company include Evolution VC Partners and Sand Hill Angels.
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