Eve Sleep has launched its IPO successfully raising £35 million on AIM and securing a value of £140 million.
Despite being just two years old the business‘s initial public offering, 2017‘s first retail IPO, saw investors rush to grab a part of the business.
Last year Eve‘s revenues shot up by over 300 per cent, growing from £2.6 million to £12 million. According to the company the first quarter of 2017 has seen similar growth.
The funds will reportedly be put towards its marketing strategy as well as providing working capital for the business.
“The funds raised will accelerate our growth strategy including through deepening penetration within our ten existing markets, as well as expanding our product range,” chief executive Jas Bagniewski said.
READ MORE: Eve Sleep prepares to go public
“Eve has a clear growth strategy, an experienced management team and a scalable operational model to continue building on its momentum.
“We thank our existing investors for their continued support and welcome our new shareholders.”
Despite its continued success the retailer faces worthy competition in what‘s becoming an increasingly crowded market.
The co-founder of rival mattress retailer Simba Sleep James Cox said: “Eve‘s IPO is an important milestone for the previously stagnant sector.
“They‘ve experienced great success and played a crucial role in helping to innovate the category….this is a great barometer.”
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