Simba has received a $24m investment to fund its global ambitions. The latest investment, which comes as Simba achieves profitability in its core markets, brings a cash injection from Cartesian Capital Group, and will be used to help Simba grow its core markets, accelerate and deepen its existing business in Canada, and fuel future expansion in China.
Steve Reid, CEO at Simba, says: “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."
Launched in February 2016, the brand is operational in nine countries across Europe, Asia and North America.
According to Simba, half of the UK’s retail distribution network now stocks the brand.
Pictured: Last year, Simba signed international rugby player Maro Itoje to lead a national campaign in a bid to improve the nation’s sleep performance with the help of the Simba Sleep App