An investment firm based in Raleigh that includes former Burt’s Bees executives has invested $23.2 million in Virginia Beach, Virginia-based mattress company Leesa Sleep, according to a filing Friday with the Securities and Exchange Commission.
One Better Ventures raised the money from 38 investors, according to the filing.
One Better Ventures includes Seventh Generation CEO John Replogle, the former CEO of Burt’s Bees. Replogle will join Leesa as chairman of the board.
One Better Ventures also includes Douglas Haensel, who was executive vice president and chief financial officer of Burt’s Bees from 2004 to 2012 and the interim chief executive officer in 2011. Haensel was also the chief financial officer of athletic retail chain The Athlete’s Foot from 1999 to 2001.
He founded Haensel Capital in 2012 to provide venture capital and advisory services to companies in the early and emerging growth stage of development.
Haensel is on the board of companies such as Piedmont Candy Co. and Triangle Vibe.
Leesa plans to use the money to expand its product line.
Private companies similar to One Better Ventures, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.