UK startup secures multi-million pound funding round

Simba, a UK-based mattress startup, has secured more than £40 million in a Series B funding round led by Atami Capital and others.

The multi-million pound investment is a major boost for Simba who operates in the highly competitive bed space.

New backer Atami Capital featured alongside existing investors Nigel Wray, Wharton Asset Management and Swiss bank Lombard Odier.

The mattress company, whose brand ambassadors include Real Madrid’s Gareth Bale, said it would further invest in product development and global expansion.

On Monday, Simba said it is forecasting revenue of £41 million for 2017 and £167 million in 2018, and hopes to be profitable by early 2018.

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 per cent 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 £10 billion US and £11 billion Asian markets.”

Simba has now raised a total of £58.5 million since launching in February 2016, placing it as a forerunner in a market that has rapidly expanded in recent years.