L.A.-based Parachute lands $3.75M in new funding
Parachute, the California-based online luxury-bedding brand that offers an affordable line of everyday bedding essentials – from sheets to duvet inserts – to enhance the sleep experience, has announced a $3.75 million funding round today, led by Upfront Ventures. The company was launched in 2014, born out of founder Ariel Kaye’s personal frustration as a consumer seeking quality bedding products at accessible prices… And as they say, if you can’t find it, create it. And so she did.
Parachute’s products are designed in LA and made in Tuscany, Italy, by true artisans who have been weaving world class bedding for over 60 years. All items are then shipped directly to customers, resulting in considerable savings while maintaining premium quality. Their collection of bedding is manufactured with the finest long-staple Egyptian cotton, combed with precision to remove all impurities and dyed naturally in an Oeko-Tex certified process, free of toxins and synthetic finishes, that surpasses the highest safety and environmental protection standards.
Parachute was imagined not only with the intent of providing luxurious sleep experiences, but also to give back to those in need through their partnership with the United Nations’ Nothing But Nets foundation, a global, grassroots campaign to save lives by preventing malaria, a leading killer of children in sub-Saharan Africa. For every one of Parachute’s signature Venice bedding sets sold, Parachute has committed to sending one life-saving bed net to provide safe sleep to those in need.
Since launching, Parachute has seen a double-digit increase in month-over-month revenue and has generated over $1M in sales, without any paid marketing in its first year of business. Most recently, Parachute has expanded their reach through hospitality partnerships including; the Hotel Covell, a boutique hotel in the heart of Los Angeles and Montauk Beach House in the Hamptons, as well as several more premium hospitality partnerships to launch in the upcoming year.
According to Founder, Ariel Kaye, this new financing with enable Parachute to develop new colors and fabrics for their core bedding collection, introduce limited edition textures, prints and layered bedding pieces, and expand into the beach and bath category with a line of towels and robes.