Tuft & Needle
Tuft & Needle is an American bed-in-a-box company that launched in 2012. On September 28, 2018, the company was acquired by Serta Simmons Bedding.
History
Tuft & Needle started as an e-commerce company founded on July 19, 2012 by Daehee Park and John-Thomas Marino. They both met via the entrepreneur program at Pennsylvania State University.The company generated $1 million in sales at the end of 2013. The company later opened its first brick and mortar showroom in the company's Phoenix headquarters in December 2014.
Tuft & Needle acquired 'TN.com' domain in September 2015. The company established its headquarters at O.S. Stapley Hardware buildings on Grand Avenue in Phoenix in December of 2015, after a city grant of $300,000 was used to improve and repair the buildings by a real estate developer. In 2015, Tuft & Needle grew to over 100 employees and earned over $100 million in revenue.
After turning down investment offers from venture capital investors, Park and Marino took out a $500,000 loan from Bond Street in 2016. In 2016, the company launched a national billboard campaign entitled "Mattress Stores Are Greedy."
In 2017, the company had $170 million in sales. Tuft & Needle spent over $14 million in media during the same year.
On September 28, 2018, Tuft and Needle closed a merger with mattresses manufacturer Serta Simmons Bedding. In November 2018, they also announced a partnership with Amazon to release an Amazon-exclusive mattress called "The Nod." by Tuft & Needle.
On January 23, 2023, Serta Simmons Bedding filed for Chapter 11 Bankruptcy.