UK mattress startup Simba Sleep closes £9 million investment round
Far from sleepy – high-tech innovator brand SIMBA Sleep closes £9 million investment round
New star investors offer firm support to Europe’s fastest growing high-tech mattress e-tailer
Building on its phenomenal success in 2016, SIMBA Sleep which produces the Simba Hybrid® – the world’s most advanced mattress – today announced it has closed an £9m investment round.
The latest investment, which takes the total raised to £17.5m, brings a cash injection from Henderson Global Investors, British financier Michel de Carvalho (VC of Investment Banking at Citi Inc. UK and Heineken Supervisory Board), Numis Securities, Richard Goldstein (Family founded Superdrug), Julian Barnett (formerly, Polar Capital Holdings), Nigel Wray (formerly Domino’s Pizza; Saracens; Prestbury Investment Holdings; Franchise Brands Plc) and Rishi Passi (CEO Oblix Capital).
SIMBA Sleep has sold a staggering 45,000 mattresses since February 2016. The brand has now launched in France, Germany, the Netherlands, Ireland, North America, the Middle East and has ambitious plans to roll out in 34 countries over the next 18 months. Equating to a new territory every two weeks.
The new breed of ecommerce retailer is now Europe’s fastest growing high-tech mattress brand – leading the market by 30% ahead of similar excellent brands who are also competing to demystify and innovate the typically archaic mattress market with a one-type-fits-all, next day delivery, bed in a box solution.
In the UK alone, the brand is growing 30% month on month and 50% month on month, across Europe. It is the favorite product in the UK (by 50% in the direct-to-consumer space) against the two leading competitor brands.
This new investment is to further scale the company’s growth and assist in new sleep innovation product development – accelerating its footprint across Europe, Asia and the Middle East.
The tireless young leadership team, themselves large investors and shareholders in SIMBA Sleep, have even bolder ambitions for 2017 – forecasting sales of over £40 million. Operating in the heart of Mayfair, London, the team has expanded from 3 to 54 in the past twelve months, with a team speaking 14 languages. Now employing 54 staff, two notable strategic hires include Gauti Reynisson* – Head of Global Retail and New Product Development Manager (Ex-Tempur, Dorma) and Charles Tourny – VP of Performance Marketing** (Formerly Just Eat and Decathalon).
CEO and co-founder of SIMBA Sleep, James Cox (29) says: “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.”
Co-investor, Jamie Brooke, 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.”
Investor, Nigel Wray added; “Until I encountered SIMBA Sleep and indeed used the mattress, I’d never really given a thought to the subject. But we are all going to spend, touch wood, 30 years on a mattress so maybe we’ve got to change our mind a bit! I also love the mattress in a box concept, as someone who can’t even lift a king size mattress let alone move it or deliver it.”
Tom Teichman chairman added; “The mattress was once a lackluster and overlooked product. You just lay on it. And a few other things. Yet in twelve months it’s transformed from a humble hardly noticed sleep item to a 2017 status symbol. SIMBA Sleep has played a fundamental role in steering this shift and finally energizing the sector with the world’s most tech advanced product. Tested to the hilt.”
Cox concluded: “This third round of investment, complimented by repeat orders, consistently outstanding consumer reviews and significantly lower return rates (less than 7%) in comparison to other brands will hopefully cement our market leader position, as we roll out an exciting suite of tech-enabled sleep products throughout 2017.”
SIMBA Sleep’s market leader position is testament to its premium product innovation – the SIMBA Hybrid® mattress is the first dual spring and memory foam mattress of its kind.
About SIMBA Sleep
Engineered for the perfect night’s sleep, its cutting-edge innovative technology offers the comfort of four layers of propriety cooling foams with the support of 2,500 patented conical pocket springs and was tested with the Sleep to Live Institute who have compiled data taken from 10 million people. The proudly British business was founded in 2015 by serial startup investor James Cox, Steve Reid, founder of Tribesports.com and mattress veterans McClements family.
SIMBA Sleep also has the stamp of approval from a series of heavyweight investors including: Spark Ventures and The Garage Soho, Tom Teichman (made.com; lastminute.com; notonthehighstreet.com), Sir John Hegarty (BBH, Camdem Brewery) Richard Reed, Adam Balon and Jon Wright (Innocent Drinks), The Jatania Family (formerly cosmetics giant Lornamead – Vosene, Yardley). The brand also has an exclusive deal with John Lewis. SIMBA Sleep mattresses are now on display nationwide in all 45 stores, with similar deals across Europe.
The pioneering SIMBA Sleep direct-to-consumer “bed in a box” concept allows your mattress – ingeniously rolled up and boxed – to be delivered to your door the next day. At SIMBA Sleep, we are so confident in our product that we are offer a 100-night no hassle return service. SIMBA Sleep is available in a range of sizes (both standard UK & European) including – single £399, small double or double £599, king £699 and super king size £799. Each mattress comes with an astounding 10 year guarantee.
Source: Press Release