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Thursday, October 5, 2023

Duroflex and Sleepyhead raise $60 million from Norwest Venture Partners

Duroflex has raised $60 million from Norwest Venture Partners for its Duroflex and Sleepyhead, the company announced on Thursday, October 14. Duroflex last raised growth capital of $22 million in 2018 from Lighthouse Funds. Since then, the company said in a statement that it has grown 3x through retail and online expansion both through omnichannel brand Duroflex and D2C brand Sleepyhead.

TNM Staff | Page 2243 | The News Minute

According to Duroflex, it is the largest omnichannel player in the mattress category, and 33% of its revenues come from e-commerce. In the B2B segment, it said it works with clients such as IKEA and Stanley, and is also looking at export opportunities.

Duroflex MD Mathew Chandy said that Lighthouse joining the cap table helped the company grow its business by three times, and that Norwest’s capital and experience will be “invaluable as we scale our business nationally, penetrate via D2C and digital, and deeply engage in sleep science”.

“This year we were formally certified as a Great Place to Work, and we also want to be a great place to invest. We are excited about our new partnership and our future,” said Mathew Chandy, Sleep Evangelist & MD, Duroflex.

Sleepyhead, launched in 2017 for online customers, is rapidly expanding, the company said.

Commenting on the funding, Mathew Joseph, Co-Founder, Sleepyhead, said, “Sleepyhead is focussed on the younger, digitally native millennials and Gen-Z who are now coming into the workforce. Our products, prices, and experiences cater to their ever-evolving needs making us one of the leading brands in the D2C space. Our future focus is to strengthen our non-mattress category which includes beds, sofas, and sleep accessories.”


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