[Funding alert] D2C brand SleepyCat raises $3.8M from Saama Capital, DSG Consumer Partners, Sharrp Ventures
D2C sleep solutions brand SleepyCat on Monday said it raised $3.8 million in a funding round led by Saama Capital. The round also saw participation from existing investors: DSG Consumer Partners and Sharrp Ventures (Mariwala family office).
This marks the company’s second external fundraise since inception, following a $1.6 million round led by DSG Consumer Partners and Sharrp Ventures in September 2019.
With the new round of funding, SleepyCat plans to increase its research and development efforts to manufacture better products and process innovation.
Kabir Siddiq, Founder and CEO, SleepyCat, said, “We are excited to partner with Saama Capital along with the continued support of DSG Consumer Partners and Sharrp Ventures in our journey. SleepyCat is disrupting an existing category with purpose-driven products designed to increase the comfort and self-care quotient further up for Indian consumers."
He added, "We want to change the way people shop for mattresses and other sleep products, direct from the factory, making the world a more chilled out place, one superbly comfortable product at a time. With this fundraise, we will focus on design innovation and build world-class sleep solution products while expanding our manufacturing and distribution capabilities. This will enable our customers to experience a new world where they can get the sleep and comfort they deserve.”
Based in Mumbai, SleepyCat built "a mattress-in-a-box" and focused on ‘factory to doorstep’ mattress delivery to solve the broken consumer journey involved in an online purchase. The premium D2C brand focuses on sleep solutions, and has quickly grown to serve over one lakh customers across India.
Kiranbir Nag, Partner at Saama Capital, said, “In the short time since it launched, SleepyCat has been able to create significant brand love amongst its users, which reflects in the impressive performance metrics. We are excited to partner with SleepyCat to make it India’s leading sleep solutions brand deeply rooted in product innovation and customer satisfaction.”
SleepyCat — centred around its premium vacuum-pressed doorstep-delivered mattresses — has expanded its product portfolio to include a premium range of comfort products for the bedroom, including pillows, comforters, and beds.
The brand has also entered the pet bedding category with its fluffy and orthopaedic pet bed offerings.
“SleepyCat is well placed to be the most loved sleep solutions brand in India. The customer retention, ratings, and brand love have been phenomenal in a category that is typically tagged as ‘low repeat/low involvement’. In addition to building a solid brand, Kabir and the team have been extremely capital efficient in building the business – a quality we greatly value. Despite the products being a discretionary purchase, the company has been on a healthy growth trajectory through the pandemic. We are excited to continue supporting SleepyCat’s growth journey and welcome Saama Capital on board.”, added Hariharan Premkumar, Head of India at DSG Consumer Partners.