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Ariel Kaye will be sleeping soundly tonight.
Her brainchild, Parachute, announced a $3.75 million Series A round today led by UpFront Ventures, bringing their funding total to $10 million in 18 months.
The Venice-based startup sells high quality Italian bedding and towels for affordable prices with a 30 day return policy. In comparison to a market that sells sheets for hundreds of dollars, Parachute offers their product for around $150.
Parachute has reported consistent growth at 14% month-over-month and $1 million in sales in their first year. And that’s without any external advertising.
"The big plan for the fundraising is to continue to evolve the brand and expand into the bath category," said Kaye. "It's a natural next step for us. It's a category that also has a lot of brand loyalty."
The simplistic designs, low price, and straightforward descriptions has made Parachute a popular choice for men, who make up 40% of their total sales. They have also begun partnering with boutique hotels in Los Angeles and The Hamptons to expand their B2B sales.
“Building a durable brand is no easy task, online or offline,” said Upfront Ventures’ Kara Nortman said in a statement. “Parachute is early in its journey to proving that it can deliver value and joy to consumers time and again, and that consumers want to find a sleep brand that they can endorse and trust. But by all early indications, Ariel and her team have landed on something special here. We could not be more thrilled to be joining the company on its journey.”
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