Bedding startup Boll & Branch raises $100M

Boll & Branch, which sells sustainably-sourced sheets, pillows, mattresses and towels, is announcing that it has raised $100 million in a strategic investment from L Catterton’s Flagship Buyout Fund.

This looks like a big change from the company’s previous approach to  funding. It was self-funded for its first two years (resulting in what CEO Scott Tannen described as “a lot of maxed out credit cards and five mortgages on my house”), and even when it started looking at venture capital, it only raised a total of $12 million from a single institutional backer, Silas Capital.

In fact, when Recode wrote about Boll & Branch’s Series B last year, it described the startup as one “that wants to raise as little venture capital as possible.”

Tannen said that when he founded the company with his wife Missy, they wanted to “build a sustainable business from the ground up,” and that wasn’t just about the products — they didn’t want to build a company that was “ultimately designed from day one to be sold.”

As a result, he said, Boll & Branch has been profitable for the past four years and is now bringing in “nine-figure revenue.” He compared it to other

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