Purple (company)

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Purple (company)
Public
Traded asNASDAQPRPL
Russell 2000 Index component
IndustryMattresses
Founded2015 (2015)
FoundersTony and Terry Pearce
Headquarters
Alpine, Utah
,
United States
Area served
Canada, United States
ProductsMattresses, pillows, sheets, mattress protectors, adjustable beds, seat cushions, back cushions, and bed platforms
Websitepurple.com

Purple is an American comfort technology company based in Alpine, Utah, USA. It specializes in the direct-to-consumer sale of mattresses, seat cushions, back cushions, pillows and platform bases.

History[edit]

Tony and Terry Pearce (brothers), began by creating carbon fiber sporting goods and wheelchairs in 1989.[1] In the following years, they created EdiZone, LLC and own 23 trademarks in cushioning materials, fluids, and hyper-elastic polymers. The patents are used in medical devices, shoes, and toys.[1][2]

In 2013, a patented machine was invented and named Mattress Max, which allowed them to create and mold large pieces of elastic polymers into mattresses.[1]

They went on to found Purple and started a Kickstarter campaign for a king-sized mattress which launched on September 23, 2015. Five days later the campaign reached its original goal amount of $25,000.[3] On November 7, 2015 the Purple mattress campaign ended with 320 backers pledging $171,560.[4]

Purple partnered with The Harmon Brothers team to launch a series of videos that explain and demonstrate the science behind the mattress. Purple’s videos and advertisements collected more than 100 million views.[5]

On July 27, 2017, Purple announced a merger with Global Partner Acquisition Corp (GPAC) at a $1.1B valuation.[6]

In November 2017, Purple acquired the domain Purple.com for an undisclosed amount.[7]

Products[edit]

Purple manufactures mattresses, seat cushions, back cushions, and pillows. Purple has developed specialty sheets, mattress protectors, adjustable beds, and bed foundations.[8]

On September 22, 2016, a second Kickstarter campaign opened to gain $25,000 worth of financial support for Purple’s pillow. One month later, Purple raised about $2.6 million from over 17,000 backers.[9]

References[edit]

  1. ^ a b c Feldman, Amy (2 May 2017). "How Purple's Mattress Missionaries Hope To Sell $2 Billion Worth Of Their Comfort Technology". Forbes. Forbes. Retrieved 4 September 2017.
  2. ^ "EdiZONE, LLC Trademarks". Retrieved 8 December 2016.
  3. ^ "Kickstarter, Purple: The Latest Technology in Comfort and Sleep".
  4. ^ "Kickstarter, Purple: The Latest Technology in Comfort and Sleep".
  5. ^ Feldman, Amy (2 May 2017). "Behind Purple's Success: Harmon Brothers, Creators Of A Rainbow-Pooping Unicorn, Turn Videos Viral". Forbes. Forbes. Retrieved 4 September 2017.
  6. ^ "Mattress Startup Purple Agrees to $1.1B Merger With Publicly Traded Investment Shell Company". Retrieved 27 July 2017.
  7. ^ "Purple Mattress Upgrades to Purple.com". DomainInvesting.com. 6 November 2017. Retrieved 11 November 2017.
  8. ^ "How This Purple Mattress 20 Years in the Making Became an Overnight Success with Shopify Plus – Shopify". Retrieved 8 December 2016.
  9. ^ "Purple Pillow: The World's First No-Pressure Head Bed". Retrieved 8 December 2016.

External links[edit]