Mattress firm Simba lands £40m Series B to bounce back in battle of the beds
Startups 100-featured company will use funding for product development as it forecasts £167m in revenues for 2018
Simba Sleep, the Startups 100-featured mattress company, has made the latest play in the ‘battle of the beds’ after securing £40m in Series B funding.
The funding round was led by Atami Capital, alongside existing backers Nigel Wray, Wharton Asset Management and Swiss bank Lombard Odier.
Founded in 2015, Simba Sleep – a People’s Champion finalist at this year’s Startups Awards – is a mattress manufacturer that sells a range of mattresses, duvets, pillows, beds, and accessories through its website, and through retailers John Lewis and Furniture Village.
Its memory foam mattress contains thousands of conical pocket springs and comes in 11 different sizes from single to emperor. It was created with research from The Sleep to Live Institute, which profiled more than 10 million people and 180 million body profile data points.
Simba has sold more than 100,000 mattresses since launch and now has a team of more than 80 staff.
The funding follows a £13.2m investment in July 2017, and a £5m round in October 2016 and brings total investment into the company to £58.5m. It will be used for product development.
Simba is projecting revenues of £41m for 2017 and is expecting to increase that by more than four-fold in 2018 to hit £167m.
The last year has seen the battle of the beds heat up as eve Sleep – this year’s Startups 100 number one company – went public on London’s Alternative Investment Market (AIM) in August.
Simba also faces competition from US mattress companies Casper, Tuft & Needle, and Leesa Sleep.
James Cox, commented: “This fourth-round investment ensures innovation remains at the core of our business ethos and aligns with our global momentum.
“By the end of 2017, we will have a presence in over twenty global retail outlets and will have achieved 350% year-on-year revenue growth. We’re also on course for profitability in our core markets in early 2018 as well as exponential growth in the large £10bn US and £11bn Asian markets.”