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Attendees lay on Serta mattresses at the 2015 CES. Photo: Robyn Beck/AFP/Getty Images

Serta Simmons Bedding, an Atlanta-based portfolio company of Advent International, agreed to acquire Phoenix-based mattress and bedding company Tuft & Needle.

Why it matters: Because direct-to-consumer mattress startups like Tuft & Needle are estimated to have taken around a 20% market share from incumbents, which means this deal may be just the first of many. Plus, Tuft & Needle is the rate company in this space to have not taken any venture capital.

  • Reminder: Mattress upstarts like Tuft & Needle, Casper and Leesa use technology to sell product, but they are not technology companies.
  • Bottom line: "Selling out to Big Mattress, as some observers refer to old-line players like Serta Simmons, might seem counterintuitive... But the landscape is changing rapidly as direct-to-consumer mattress brands sign deals with retail stores and old brands try to gain online shoppers." — Amy Feldman, Forbes

Go deeper

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.

Technical glitch in Facebook's ad tools creates political firestorm

Facebook CEO Mark Zuckerberg. Photo: SOPA Images / Contributor

Facebook said late Thursday that a mix of "technical problems" and confusion among advertisers around its new political ad ban rules caused issues affecting ad campaigns of both parties.

Why it matters: A report out Thursday morning suggested the ad tools were causing campaign ads, even those that adhered to Facebook's new rules, to be paused. Very quickly, political campaigners began asserting the tech giant was enforcing policies in a way that was biased against their campaigns.

8 hours ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.