British online mattress start-up eve Sleep has secured £13.9m in funding, bringing its total raised capital to £17m.
Led by Woodford Investment Management, the close of its Series B funding round has boosted plans of eve’s expansion into Europe, with a presence in the Netherlands, Italy, Poland, Austria, and Switzerland key areas of growth.
The latest round of funding adds to previous backers including Octopus Ventures, DN Capital and Channel 4, with the Capita founder, and investor, Paul Pindar confirming that he had joined eve’s Board as chairman and will tasked with the challenge to make the brand a global success.
Launched by entrepreneurs Jas Bagniewski, Kuba Wieczorek, Felix Lobkowicz and James Fryer in February 2015 eve Sleep is forecasting revenues in excess of £40m for the next financial year.
Eve Sleep has risen funding since its launch including seed funding - £600k in May 2015- Initial backers DN Capital and FJ Labs were joined by venture capital investor Octopus, which put in £225,000, and by international angel investors. Series A funding round of £2.5m from DN Capital & Octopus took place in November 2015.
Paul Pindar said: “eve Sleep is a high-growth business with big ambitions and a relentless, entrepreneurial leadership team, so I was keen to get involved. We believe that with the high-profile backers investing in the brand, we will help the business to cement its position as a global lifestyle brand.”
Jas Bagniewski, CEO and co-founder of eve Sleep added: “Closing our third funding round at almost £14m is a testament to the tireless work of the whole team here, the quality of our product and relevance of our proposition and the transformational effects on happiness, health and productivity to be found from a good night’s sleep.
“Consumers and investors alike are backing our vision and we are pleased to welcome Paul to the board and his guidance, experience and support will be crucial in delivering our ambitious growth plans.”
Since launch, the online retailer has expanded into the US, France and Germany and confirmed that a duvet would be launching in late October.