LONDON, October 8, 2016
Burgeoning British start-up eve Sleep has secured a significant £13.9m boost to its war chest at the close of its Series B funding round, led by Woodford Investment Management, taking its total funding to date to over £17m, super-charging its NPD, marketing and European expansion plans.
Launched by entrepreneurs Jas Bagniewski, Kuba Wieczorek, Felix Lobkowicz and James Fryer in February 2015, eve Sleep is forecasting revenues in excess of £40m for the next financial year.
eve Sleep, which will soon be expanding its European presence to the Netherlands, Italy, Poland, Austria, and Switzerland, has a number of high profile, experienced backers, including Woodford Investment Management, Octopus Ventures, DN Capital and Channel 4.
Paul Pindar, who built Capita into a multi-billion-pound business, has also invested and is joining the company’s board as Chairman. Mr Pindar will be tasked with steering the brand to global success.
The hugely competitive mattress industry is worth more than £800m and eve Sleep’s business is growing at 25% per month with eve selling almost 45,000 mattresses, pillows and sheets to date.
Paul Pindar said: “eve Sleep is a high-growth business with big ambitions and a relentless, entrepreneurial leadership team, so I was keen to get involved. We believe that with the high-profile backers investing in the brand, we will help the business to cement its position as a global lifestyle brand.”
Jas Bagniewski, CEO and co-founder of eve Sleep added: “Closing our third funding round at almost £14m is a testament to the tireless work of the whole team here, the quality of our product and relevance of our proposition and the transformational effects on happiness, health and productivity to be found from a good night’s sleep.
“Consumers and investors alike are backing our vision and we are pleased to welcome Paul to the board and his guidance, experience and support will be crucial in delivering our ambitious growth plans.”
Since launch, the online retailer has expanded into the US, France and Germany and has grown their product offering to now include premium pillows and sheets with a duvet launching in late October.