// Simba reveals it has secured an £18.2 million investment
// The online mattress retailer has plans to expand its brand
// The fund was invested by Caresian Capital Group
Online mattress retailer Simba has secured an £18.2 million investment to go ahead with its expansion plans.
The fund was invested by Caresian Capital Group and will also be used to grow profitability in Simba’s main markets, accelerate its Canadian business and expand further in China.
The retailer already operates in nine countries across Europe, Asia and North America, selling mattresses direct to consumers.
READ MORE: Eve Sleep & Simba in early merger talks
“Despite the challenging market conditions, 2019 has been a transformative year for Simba,” Simba chief executive Steve Reid said.
“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.”
Last year, Simba and rival Eve Sleep announced plans for a merger in an attempt to grow business.
However, by September the deal had fallen through after Eve Sleep said it wanted to focus on cutting costs following an over-expansion.
Simba said it had pulled out of the deal because it was now profitable in the UK.
The retailer was forced to slash its valuation from £200 million to around £20 million a year ago to secure new growth funding.
Meanwhile, Eve Sleep had seen its share value slide due to an over-expansion in Europe after floating on a £140 million valuation.
It is now valued at around £6 million.
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