Health and safety regulations across the U.S. require families to provide clean beds for each of their kids. If they can't afford the beds, they risk losing kids to foster care.
A "bed-in-a-box" startup called Leesa Sleep wants to stop that from ever happening.
As a registered B-Corp., Leesa donates one mattress for every ten it sells to a family or individual in need, and plants a tree for every mattress it sells.
The startup's social minded approach to the mattress and bedding industry has attracted a new $23 million venture investment from big names in the world of social ventures, including Seventh Generation CEO John Replogle, and TOMS shoes founder Blake Mycoskie. Replogle will also serve as chairman of the board at Leesa.
"The U.S. mattress industry is over $14 billion per annum with room for several winners," Replogle told CNBC. "To grow in the next stage, the company will have to use sleep science and design to drive for better sleep. That's table stakes. But it helps that their core mission and brand resonates with consumers who shop beyond price."
According to Leesa co-founder and CEO David Wolfe, the startup plans to use its new funding for hiring, and to develop new sleep products including mattresses, pillows and proprietary materials that go into them.