// New financing to allow mattress & home goods retailer to strengthen marketing capabilities & aid expansion plans
// UK operation achieved profitability in 2020, benefitting from 354% growth
Resident has revealed that it has received an investment of £95.7 million from a Series B funding round to help fuel its ambitious expansion plans.
Led by Ion Crossover Partners and Nexus Capital Management with participation from Baron Capital Group, the funds will be used to execute the online mattress and home goods retailer’s expansion strategy, which includes expanding its brick-and-mortar presence in the US and strengthening its supply chain and infrastructure.
The funding round also follows a year of strong performance, including success for its UK operation which achieved profitability after revenue growth surged 354 per cent year-on-year.
Resident launched in the UK in 2018 with its direct-to-consumer mattress Nectar and quickly introduced the luxury DreamCloud brand.
The retailer added that its UK growth was driven in part by a range of customer-focused initiatives across the Nectar and DreamCloud brands, and both are also climate neutral – having recently became the first ever carbon neutral mattresses endorsed by Good Housekeeping Institute.
As part of the Series B funding deal, representatives of Ion Crossover Partners and Nexus Capital Management will join Resident’s board.