Cathay Capital Announces Strategic Investment in

January 12, 2022
North America

New York, January 12, 2022   Investment firm Cathay Capital announced today it has made a strategic investment in With this transaction, will benefit from Cathay Capital’s support as the company accelerates its development and strengthens its leadership position in the field of sleep apnea treatment.

Founded in 1999, and based in Houston, Texas, serves the $3.7 billion market for obstructive sleep apnea (OSA) equipment. With the risks related to an aging population, increasing rates of obesity and other factors that were accelerated during the Covid-19 pandemic, there is increasing awareness about the widespread yet largely undiagnosed OSA condition affecting more than 50 million Americans. With such awareness aided by innovations around at-home sleep tests and better accessibility to equipment for OSA treatment through e-commerce channels, the demand for Sleep Apnea equipment is expected to increase at a compounded annual growth rate of more than 6% from 2021 to 2028 in the U.S. and globally. offers machines, supplies and accessories via its DTC e-commerce website to patients suffering from OSA. The company’s product offering includes Positive Airway Pressure (“PAP”) machines and accessories, which help prevent airway collapse in OSA patients while they sleep. For over 20 years, the Company has been at the forefront of digital innovation in the delivery of PAP products, leveraging its user-friendly platform and superior customer experience to establish itself as the top player in the cash-pay market for the distribution of OSA treatment equipment, which is expected to grow annually at a double digit compounded rate through 2028 in the U.S. and globally.

Andre Puong, Partner of Cathay Capital said, “ has been an innovator in the OSA space with an impressive and sustained growth trajectory since its founding. We are excited to work with Johnny and Carolyn Goodman and the team in the next phase of the Company’s journey and to build on their hard work. The Cathay team looks forward to leveraging its experiences and resources in e-commerce and healthcare to accelerate the development of the Company’s digital infrastructure and product offering to support its leadership in not only the PAP equipment market, but also in the broader market serving the increasingly important concept of sleep wellness.”

Johnny Goodman, Co-Founder and CEO of said, “We’re honored to partner with the entire Cathay Capital team to guide us in driving the next phase of our growth. In Cathay we’ve found a diversity of ideas and networks spanning three continents, an alignment of shared values and a clear path to furthering our mission of being the place for all things Sleep Apnea. We tip our hat to the fellow healthcare innovators under the Cathay umbrella and are looking forward to making our mark.”

Johnny Goodman and company CFO Carolyn Goodman will remain in their roles and sit on the Board of’s new holding company Somnum Bene Holdings, alongside members of the Cathay Capital team. TM Capital served as exclusive financial advisor to in connection with the transaction.
Based in Houston, is the top internet retailer of Sleep Apnea equipment in the world. offers a proprietary prescription process, peer support community and exceptional customer service to further our mission of being the place for all things Sleep Apnea. Founded in 1999, led the Sleep Apnea self pay movement and hosts, the world’s largest peer to peer support community for CPAP users.

About Cathay Capital Group

Cathay Capital Group is a global investment firm supporting companies at all stages throughout North America, Asia, Europe and Africa. By helping navigate the opportunities of globalization and sustainable transformation, Cathay is the partner of choice for companies aspiring to lead markets and make a positive impact. Its global platform connects people – from investors and entrepreneurs to management teams and leading corporations – across continents to share knowledge, the tools to scale, and achieve the extraordinary. Founded in 2007 with a strong entrepreneurial heritage, Cathay Capital now manages over $4.5B in assets, has completed over 220 buyouts, growth and venture capital investments with the global reach and local expertise from offices in Paris, New York, Shanghai, Munich, San Francisco, Beijing, Singapore, Shenzhen and Tel Aviv.

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