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UK SleepTech firm Simba lands £40m to boost international expansion

SleepTech firm Simba has closed a £40m Series B round led by Atami Capital.

The firm, which raised £13.2m in July, also raised from Lombard Odier, Wharton Asset Management and Nigel Wray.

Simba, which has now raised £58.5m to date, says it will use the cash to accelerate its global expansion.

Launched by James Cox, Steve Reid, and mattress industry veterans the McClements family, in February 2016, Simba is forecasting revenues of £41m for 2017 and seeking to hit £167m in 2018.

Cox, also the CEO, commented: “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 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 £10bn US and £11bn Asian markets.”

Operating its global headquarters from Central London, Simba currently employs 80 people.

Co-investor, Jamie Brooke at Lombard Odier, added: “Simba’s progressive nature and entrepreneurial spirit has enabled the brand to expand successfully. Its innovation and pioneering technology approach has convinced us of its superiority in the sector whilst future proofing its category position.”

Wray concluded: “In my long career I have honestly never seen sales growth like this. In my opinion, a great brand called Simba is being formed, with sales across the world to well-known retailers, online and offline!”

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