As the company expands, ReST aims to maintain its position as a world-leading Smart Bed and sleep technology innovator.
ATLANTA (PRWEB) January 07, 2019
Responsive Surface Technology, an Atlanta-based Smart Bed and sleep technology innovator, today announced the closing of $3.2 million of additional funding. The funding comes from two Invest Atlanta-affiliated programs, the Atlanta Advantage Loan Fund and New Markets Tax Credit financing. The capital will not only enable ReST to expand its marketing and research efforts, but also help it open its first company-owned store in West Midtown.
“We are proud that our performance in the year since Invest Atlanta’s initial investment gave them the confidence to offer additional funding,” said Lloyd Sommers, General Manager of ReST. “The funds will support our efforts to expand distribution so that more people than ever before will have the opportunity to experience why the ReST Bed™ has become the leading Smart Bed.”
As the company expands, ReST aims to maintain its position as a world-leading sleep technology innovator. ReST is committed to expanding its Atlanta footprint by continuing to grow its operations in West Midtown and creating new jobs. The company focuses on hiring local talent, including skilled workers from Atlanta’s Westside neighborhoods.
"The Atlanta Advantage Loan Fund and New Markets Tax Credit financing are a win-win, providing an additional source of capital to innovative companies like ReST while bringing economic investment and new jobs to other parts of the city,” said Dale Royal, President, Atlanta Emerging Markets, Inc. “We are excited to support their expansion with this additional funding and look forward to continued partnership as they grow in Atlanta.”
Launched by Advantage Capital and Invest Atlanta, the Atlanta Advantage Loan Fund is a loan program for businesses in the City of Atlanta located in census-designated distressed neighborhoods. Invest Atlanta’s New Markets Tax Credit program is administered through Atlanta Emerging Markets, Inc., a U.S. Treasury-certified community development entity. The program aims to attract private investment to Atlanta’s underserved neighborhoods and financially support catalytic projects that provide services or create quality jobs accessible to low-income residents.
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Responsive Surface Technology, LLC
ReST’s mission is to provide the ultimate sleep experience. ReST is the only company with an integrated technology solution that not only monitors movement in real-time but automatically responds to those unique and personal changes.
Our main product is the ReST Bed™: the only truly smart bed. The ReST Bed™ incorporates our patented smart fabric, which senses changes in pressure and interacts with the mattress in order to automatically respond to the sleeper’s comfort and support needs throughout the night. Above all, ReST Beds™ help people sleep better so that they can live healthier and more productive lives. http://www.restperformance.com
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta. Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.
About Atlanta Emerging Markets, Inc.
AEMI is a U.S. Treasury-certified Community Development Entity created by Invest Atlanta in 2006 that specializes in providing gap financing for projects that create jobs and revitalize Atlanta’s distressed neighborhoods. In 2016, the AEMI board of directors approved the allocation of $100,000 to finance a pilot revolving loan fund for social entrepreneurship in Atlanta.
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $2.6 billion in companies from a diverse array of industry sectors and has helped support more than 48,000 jobs. Learn more at http://www.advantagecap.com, or via Twitter or LinkedIn