Continuing to dream big, sleep technology firm Simba has today announced it has agreed to $24 million in investment to fund its global sleep ambitions.
The latest investment, which comes as Simba achieves profitability in core markets, brings a cash injection from Cartesian Capital Group.
With Cartesian’s global expertise and proven practice of internationalising household brands, the funding will be used to help Simba grow profitability in core markets, accelerate and deepen Simba’s existing business in Canada, and fuel future expansion in China.
Steve Reid, CEO at Simba said, “Despite the challenging market conditions, 2019 has been a transformative year for Simba. 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.
Unveiling a new sleep performance app and notching sales of 750,000 sleep tech products worldwide, has allowed us to position ourselves beyond that of an online mattress company.
In 2019, we cemented our position as the world’s most five-star reviewed mattress brand with over 80,000 five-star online reviews. Our focus remains on not just becoming the world’s number one sleep brand, but changing the way the world thinks and feels about sleep, for the better.”
Launched in February 2016, the sleep tech brand, which uses cutting-edge materials and technology to reinvent the tired sleep sector, is operational in nine countries across Europe, Asia. and North America.
Simba’s recipe for success is also based on a direct e-commerce strategy, amplified through strategic retail partnerships, putting Simba in principal position to succeed in the global sleep market.
Peter Yu, Managing Partner at Cartesian Capital Group commented, “With tenacity, nimbleness, and discipline Simba’s leadership have successfully steered the company through challenging market environments. Simba’s innovations and proprietary technology create a uniquely attractive value proposition and a truly global appeal.”