How Eight Sleep Increased Accuracy and Efficiency with Managing their Cash Burn Using Mighty Digits
Updated: Jul 27, 2022
Mighty Digits loves working with Eight Sleep, the first sleep fitness company. The company leverages innovation, technology, and personal biometrics to restore individuals to their peak energy levels each morning.
Alex Horowitz, Chief of Staff at Eight Sleep since 2019, explains why they started working with Mighty Digits.
Eight Sleep has a lot of complexity around managing and reporting cash burn.
The Company’s internal three statement model has a ton of complexities in terms of variables, which made accurate projections extremely important.
They had a very lean team and they weren’t sure what metrics were best to make the right decisions and have better forecasts.
One of the first changes Eight Sleep made once it started working with Mighty Digits was setting up a brand new forecast. The forecast was tied directly to several of Eight Sleep’s external data sources, including QuickBooks and Shopify.
This made it much easier to manage everything on an ongoing basis.
It also gave Eight Sleep more confidence in the accuracy of the numbers being presented to both internal management and the Board.
Now with Mighty Digits help, Eight Sleep’s team feels a lot better about the process and the deliverables.
“… highly recommend Mighty Digits to any startup and, really appreciate all the work that they've done for us and that we’ve been able to do together.” Alex Horowitz
Eight Sleep has been on an incredible trajectory, having been founded in 2014 and raising more than $160 million, and Mighty Digits is privileged to help them scale.