Simba, a London, UK-based sleep technology company, raised $24m in funding.
The financial injection came from Cartesian Capital Group.
The company intends to use the funds to expand its business reach in core markets, accelerate existing business in Canada, and grow in China.
Led by Steve Reid, CEO, Simba is an online sleep brand selling mattresses and other related products. It is operational in nine countries across Europe, Asia, and North America.
Having launched in February 2016, in less than 4 years high-tech, the company has achieved sales of 750,000+ sleep products worldwide.
Commenting on the deal, Steve Reid, CEO, 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.”