Resident Home News
4 articlesUS furniture giant Ashly Home to pay $1 billion to acquire online mattress platform Resident | CTech
growth-positive
Resident Home to open facility in Indiana - Furniture Today
Resident Home, the parent company of Nectar Sleep, DreamCloud, Awara, Siena, and CloverLane, is opening a 300,000-square-foot mattress manufacturing facility in Jeffersonville, Indiana. The facility will accommodate manufacturing and distribution and is expected to employ 100 people over five years. The company received investment in the form of incentive-based tax credits from the Indiana Economic Development Corp. The tax credits are performance-based and will be claimed once Indiana residents are employed. Additionally, Resident Home will receive an investment deduction on its property taxes due to the location being an Urban Enterprise Zone. Duke Energy has also offered additional incentives.
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Resident Raises $130 Million for Continued Growth of its Mattress and Home Goods Platform
Resident, a platform of digitally native brands in the mattress and home goods market, received a $130 million investment in Q4 of 2020. The funds will be used to execute Residents growth plan, expand its retail footprint, and strengthen its supply chain. The company experienced tremendous sales growth in 2020 and increased its retail presence. Resident operates with a remote workforce and has a multi-brand strategy. Representatives of Ion Crossover Partners and Nexus Capital Management will join Residents board.
Investment
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In Bed With Israeli Direct-to-Consumer Mattress Company Nectar
Nectar Sleep LLC, an online mattress supplier, has experienced growth in the saturated online direct-to-consumer mattress market. The company sold over $200 million worth of mattresses in the previous year. Nectar operates as a marketing company with a $100 million-per-year marketing budget. The companys mattress is made of five layers of foam and gel and comes with a 365-day risk-free trial period and a forever warranty. Nectar cuts down on costs by eliminating warehousing expenses and outsourcing manufacturing. The company aims to expand its product offerings beyond mattresses to furniture and appliances.
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