Combination of Pioneering Sleep Tech Leaders Supported by $37 Million Fundraise
CHARLOTTE, N.C. – Kryo, the parent company of sleep technology brand ChiliSleep, today announced that it has merged with Ebb Therapeutics (“Ebb”) to become a market leader in innovative sleep products and technologies. As part of the transaction, leading global investment firm KKR, Ebb’s largest investor, led a $37 million investment to accelerate the merged company’s growth in the $432 billion global sleep market.
At a time when millions of Americans are struggling with sleep, the combined business brings together two complementary suites of products to help people take better control of their health by improving their sleep. Through core temperature-regulation products and wearable sleep devices, plus future coaching platforms, educational apps, and biofeedback features, ChiliSleep and Ebb provide clinically researched and drug-free sleep therapies to improve sleep quality.
"We are thrilled to keep improving how the world sleeps. This combination is validation that the world is ready to take a fresh look at sleep and incorporate clinically researched solutions into everyday life. This investment and our merger with Ebb will help to accelerate growth into new spaces for consumers, meeting them where they are in the journey, with solutions for the bedroom, and on-the-go resources to help coach them along the way,” said Tara Youngblood, ChiliSleep CEO and Co-founder.
“The steadfast mission of Ebb Therapeutics has been, from the start and above all, to improve the lives of as many people as possible through better sleep," said Eduard Röösli, Ebb President and CEO. "We are honored to be merging with ChiliSleep, a company whose goals truly match up with Ebb's; with their far-reaching capabilities and respect for science, I am confident that they will be able to maximize our groundbreaking, proven technology and help even more people live happier, healthier lives."
“Insomnia and sleep-related issues are unfortunately on the rise, but fortunately so are effective treatments to address them. We are thrilled to support the merger of ChiliSleep and Ebb to bring these innovations to the market and help solve an unmet need for those who need improved sleep,” said Ali Satvat, Global Head of KKR Health Care Strategic Growth and Co-Head of Health Care within KKR’s North America Private Equity platform.
For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth healthcare-related companies for which KKR can be a unique partner in helping reach scale.
ChiliSleep™ is a sleep technology brand focused on the future of sleep-driven health. As the original inventors of the world’s first hydro-powered, temperature-regulated sleep system backed by 10+ years of sleep research and with over a dozen patents pending, ChiliSleep is revolutionizing the way the world sleeps. ChiliSleep’s award-winning sleep solutions Cube and OOLER® consistently outperform the competition in the cooling/warming mattress topper category. Consumer Reports recently ranked the OOLER a 5/5 and #1 overall, with the Cube coming in at #2. In 2019, Tech News World voted the OOLER “Product of the Year.” For more information, please visit www.chilisleep.com or on our social media channels @chilisleep.
Kryo, the parent company of ChiliSleep, is the world’s leading innovator of temperature-regulated sleep solutions engineered to optimize health and wellness through enhanced quality sleep and patented technology. Founded by Tara and Todd Youngblood, Kryo introduced its first product, the Cube, in 2007 and in 2019 was appointed Best Wellness Product for Powerful Moms in Business by Forbes. Kryo currently ranked #615 on the 2020 Inc. 5000 list of Fastest Growing Small Companies. For more information, please visit www.chilisleep.com and inc.com/profile/kryo.
About Ebb Therapeutics
Ebb Therapeutics is a privately held sleep tech company whose ground-breaking brain-imaging studies on patients with sleeplessness led to the creation of a clinically validated sleep device. With more than a century of collective experience in the sleep space, Ebb is on a mission to tangibly improve sleep, by harnessing the unprecedented and scientific power of cooling. For more information, please visit www.ebbsleep.com or on Twitter @ebbsleep.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit, and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For more information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.