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UK SleepTech firm Simba Sleep raises £13.2m

Simba Sleep has raised £13.2m from existing shareholders and one new investor.

According to Business Insider, the UK SleepTech company’s records on Companies House show the firm raised £11.4m in June.

The firm then issued an additional £1.8m worth of shares in order to settle obligations.  

James Cox, co-founder of Simba, told UKTN in a statement: “We have an interim injection of £13.2m, from existing shareholders and one external investor – as well as converting the £9m of convertible loan notes. For clarity, this raise makes up a small part of a much larger raise we will announce shortly.

Cox then went on to say that by September this year, Simba would be present in more than 20 countries with approximately 1750 outlets agreed globally.

“The retail part of our business only accounts for 15% of our revenues, with 85% through our own websites solidifying our position as a leading direct to consumer e-commerce player, and plan to roll out to over 30 countries in the next year as we focus on our longer-term strategy to continue to innovate the sleep category.”

Simba announced a £9m investment round in February, bringing its total raised at the time to £17.5m. Henderson Global Investors, British financier Michel de Carvalho, Numis Securities, Richard Goldstein, Julian Barnett, Nigel Wray and Rishi Passi have all backed Simba.

SleepTech competition

The news comes after fellow SleepTech firm Eve Sleep floated on AIM raising £35m in May at a £140m valuation.

Founded two years ago, the firm said at the time that it would look to spend the funds on advertising and marketing.

Eve Sleep had previously raised $20.03m in equity funding from investors including Octopus Ventures and Woodford Investment Management.