Simba secures funding after a ‘transformative’ year
Online mattress retailer Simba has secured a major investment after enjoying a ‘transformative’ year.
Caresian Capital Group has invested £18.2m, which the mattress company plans to use to lift profitability in its main markets, expand further in China and accelerate its Canadian business.
The retailer already operates in nine countries across Europe, Asia and North America.
The terms of the deal were not disclosed.
‘Despite the challenging market conditions, 2019 has been a transformative year for Simba,’ says Steve Reid, Simba chief executive. We focused on disciplined growth, both in the UK and globally, which has paid off.
‘This year Simba achieved UK profitability whilst delivering significant global EBITDA improvements, and we are now in a position where we are primed for profitable growth on a global scale.’
Reid said the move to UK profitability was behind it pulling out of merger talks with rival Eve Sleep.