Online mattress start-up Simba has confirmed that it has raised a further £5m investment through its latest funding round, bringing its total investment to £8.5m.
Spark Ventures and The Garage Soho are the latest investors to join a growing list of group investors including Tom Teichman, Nigel Wray, Richard Reed, the Jatania family, Adam Balon and Jon Wright.
London-based Simba, which was founded in August 2015 by James Cox, Steve Reid and the McClements family, said that it is the UK market leader by 20% after achieving £10m in sales since its launch.
Simba said that the new investment would be used to ‘grow sales internationally having successfully tested its approach in the UK, France, Germany and the Netherlands’, as well as to ‘strengthen the company’s market leadership in the UK’.
The brand has also secured an exclusive deal with John Lewis, which now sees its mattresses on sale in all of John Lewis’ 45 stores.
CEO and co-founder of Simba Sleep, James Cox said: “This year has been incredible. We are now leaders in the UK and will have launched across Europe, Asia and North America by the end of the year. We love the challenge and embrace the competition.”
Nigel Wray, an entrepreneurial investor in both public and private companies, said: “Since launching in February, Simba’s remarkable growth is a testament to its product innovation and premium high–tech positioning.
“Simba has a clear product differentiation at an attractive price with a customer friendly mattress-in-a-box format. I’m really pleased to be involved in the Simba evolution.”