High-tech mattress retailer SIMBA Sleep raises £9m, taking total funding to £17.5m
The Mayfair-based start-up plans to expand to 34 countries over the next 18 months, and has already launched in North America and the Middle East
SIMBA sleep, the high-tech mattress retailer, has raised £9m in its latest funding round – bringing its total amount of investment to £17.5m.
Backed by a range of investors including Henderson Global Investors, Michel de Carvalho (VC of Investment Banking at Citi Inc. UK and Heineken Supervisory Board) and Richard Goldstein (family founded Superdrug), the Mayfair-based start-up plans to expand to 34 countries over the next 18 months.
Founded in 2015 by James Cox and Steve Reid, alongside the McClements Family, Simba offers consumers a one-size-fits-all “bed in a box” and has already launched in France, Germany, the Netherlands, Ireland, North America and the Middle East.
Described as the ‘battle of the beds’, SIMBA Sleep’s main rivals include US brand Casper and Startups Award nominee and Startups 100-listed eve sleep – with the mattress market now estimated to be worth £1bn.
Just this week, eve sleep launched “the UK’s first ever interactive billboard” in Shoreditch, East London to promote the launch of their new alphabet pillows in the run up to Valentine’s Day.
James Cox, CEO and co-founder of SIMBA Sleep, said:
“We’ve always wanted to innovate rather than replicate. We strove for customer satisfaction but to achieve this and stand out from the crowd, required us to really prioritise innovation.
“Our expansion may seem fast, but we’re doing things in a very measured way. The retail deals in Europe are replicating the successful model we executed with John Lewis in the UK.”
Jamie Brooke, co-investor at Henderson Global Investors, said:
“SIMBA Sleep’s dynamic and unrelenting entrepreneurial spirit has resulted in outstanding performance. Whilst competitors have introduced simple yet clever foam-based offerings, the pioneering technology behind the SIMBA Hybrid convinced us of its superiority in the sector.”