Simba raises £40 million ‘Series B’ investment, led by
VC Atami Capital.
Forecasting revenue of £41 million this year and £167
million next year.
LONDON — Online mattress retailer Simba has closed a £40 million
Simba announced the fundraising on Monday, led by new investor
Atami Capital. Existing investors Lombard Odier, Wharton Asset
Management, and Saracens Rugby Club chairman Nigel Wray also took
Business Insider reported exclusively in July that Simba had
raised £13.2 million as “part of a much larger raise.”
Launched in February 2016, Simba has now raised a total of £58.5
London-headquartered Simba manufactures hybrid memory foam
mattresses and ships them in vacuum compressed boxes. The
cheapest bed starts from £399 for a single and Real Madrid
football star Gareth Bale advertises the brand’s products. Most
sales come through its website but the company also has a
partnership with upmarket department store John Lewis in the UK.
Simba said in Monday’s statement that it is forecasting revenue
of £41 million for 2017 and £167 million in 2018. Both figures
are slight downgrades on forecasts in an investor deck prepared
at the start of the year,
seen by Business Insider.
The company said the fresh investment would be used for product
development. CEO and co-founder James Cox said in a statement:
“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% YoY revenue
growth. We’re also on course for profitability in our core
markets in early 2018 as well as exponential growth in the large
£10 billion US and £11 billion Asian markets.”
one of a number of mattress startups which have sprung up
across the US and Europe over the last few year. All of them
manufacture a limited number of mattresses, sell them online, and
ship them in compressed boxes, thus making them more cost
efficient to send.
The first and most successful of these online mattress startups
was Casper in the US. The startup has reportedly been valued at
over $1 billion and
counts the Hollywood stars such as Tobey Maguire and Leonardo
DiCaprio among its investors.
Aside from Casper, Simba faces competition from the likes of Tuft
and Spring, Leesa, and Eve, another British startup that
floated on the stock market in May with a valuation of £140