Supermoon Capital Research
Investment Thesis
Supermoon Capital is the world's first and only venture capital fund exclusively focused on the sleep technology and health sector, termed the "Night Market." Founded in 2021 by Mike Masterson, Grayson Judge, and Pat Connolly, the fund addresses what the CDC has declared a "public health epidemic"—insufficient sleep. The firm recognizes that 75% of Americans suffer from recurring sleep issues, while 33% sleep less than 6 hours nightly, costing the US economy hundreds of billions in lost productivity and accident liability.
The fund's core thesis is that science-backed solutions will dominate the sleep market, not business model innovations. Supermoon invests in innovative solutions across all sectors aimed at improving sleep, applying advanced sleep science to inform investment decisions and support portfolio companies. The firm brings together a network of prominent sleep scientists and academics (the "Sleep Science Collective") to serve as advisors, providing portfolio companies with deep scientific expertise.
Sector and Model Focus
Supermoon's focus spans the entire "Night Market" ecosystem, which encompasses:
- Sleep diagnostic and monitoring solutions (wearables, apps, sensors)
- Therapeutic interventions (devices, pharmaceuticals, behavioral interventions)
- Sleep environment optimization (mattresses, bedding, environmental controls, sound technology)
- Circadian rhythm management (software, lighting, scheduling tools)
- Digital sleep improvement programs
- Sleep health data analytics and AI applications
- Enterprise and occupational health solutions for shift workers
The firm explicitly avoids pure hardware plays or gambling/casino-related applications, focusing instead on science-backed solutions. They partner with scientists, technologists, and creatives building solutions for sleep, health, and wellness.
Stage Focus and Check Size
Supermoon targets early-stage investments:
- Pre-Seed: $100K - $500K for early-stage concepts with scientific validation
- Seed: $500K - $3M for companies with initial traction and product-market indicators
- Series A: $1M - $3M+ for expanding companies with demonstrated adoption
The fund leads and co-leads at seed and pre-seed stages, and selectively participates in Series A follow-ons. They prefer to be early partners and actively support company growth through their network and expertise.
Fund Details
Supermoon launched in August 2021 with $36 million for Fund I, making 29+ investments with a focus on building the sleep economy from the ground up. Recent activity indicates active deployment:
- August 2025: Invested in Sleep.ai (AI sleep solutions platform)
- June 2025: Portfolio company Mosanna Therapeutics raised $80M Series A (led by EQT Ventures)
- Ongoing support for portfolio companies like EnsoData, Endel, SleepScore Labs, and others
Recent Portfolio Activity
Notable recent investments and achievements:
- EnsoData: Raised $20M Series B; AI-powered sleep apnea diagnosis
- Mosanna Therapeutics: Raised $80M Series A for obstructive sleep apnea treatment
- Sleep.ai: Raised $5.5M in August 2025 for AI-powered sleep solutions
- Endel: AI music company creating personalized soundscapes, integrated with Amazon Music
- SleepScore Labs: Launched world's first reimbursable digital sleep improvement program in Germany
- Arcascope: Announced partnership with Henry Ford Health for circadian rhythm management
- Sahha: Platform for health data integration
- Loftie: Smart alarm clock for better sleep habits
- Clair Labs: Sleep monitoring and optimization from Israel
Portfolio Breadth
18+ portfolio companies across global markets (US, Europe, Israel, New Zealand, Germany, Netherlands, Switzerland).
Team & Leadership
Founders (Co-Founders & Managing Partners):
- Mike Masterson: Co-Founder & Managing Partner. Spent career in venture capital across investing, starting companies, and fundraising. Harvard University graduate. Based in San Francisco Bay Area.
- Grayson Judge: Co-Founder & Managing Partner. Previously worked as Mike's associate for four years before co-founding Supermoon. Harvard University graduate.
- Pat Connolly: Co-Founder & Managing Partner. Before Supermoon, worked at Williams-Sonoma for 37 years in roles spanning strategy, marketing, and operations. Based in Menlo Park, California.
Sleep Science Collective (Advisors): Supermoon has assembled a network of prominent academics and renowned sleep scientists including Dr. Cheri Mah (Sleep Physician & Performance Expert), Dr. Carlos Nunez, Dr. Kit Parker, Dr. Roy Raymann, Dr. Nate Watson, and Adam Haar Horowitz.
Decision Process & Support Model
Supermoon operates as a partnership with active involvement in portfolio companies. They are known for deep, hands-on partnership beyond just capital, rapid mobilization of their Sleep Science Collective network, access to strategic partnerships including exclusive relationship with applied sleep science company for APIs, SDKs, retail distribution, and curated content. Strong operational support and mentorship. Investor testimonials consistently highlight Supermoon's exceptional value-add and partnership quality.
Location & Contact
Headquarters: San Francisco, California. Website: https://www.supermooncapital.com. Contact: [email protected].
Fund Status
Fund I ($36M, closed August 2021) is actively deploying. Portfolio continues to achieve significant milestones including major fundraising rounds and product launches.