UK-based mattress producer Eve Sleep raised £35m ($45.3m) on Monday in an initial public offering that gave an exit to media company Channel 4, Business Insider has reported.
Eve Sleep supplies high-grade foam mattresses, pillows, duvets and sheets through an online platform. It generated about £12m of revenue in 2016, up from £2.6m the year before, and made an EBITDA (earnings before interest, taxes, depreciation and amortisation) loss of £11.3m.
The company had raised more than $22m in venture capital funding since it was founded in 2014, $18.3m of which came in an October 2016 series B round featuring Channel 4’s Commercial Growth Fund.
The series B round was led by Woodford Investment Management and included existing backers Octopus Ventures and DN Capital as well as angel investor Paul Pindar.
The offering took place on London’s AIM stock exchange and valued Eve Sleep at approximately $180m. Its shares will begin trading tomorrow.
Jas Bagniewski, co-founder and CEO of Eve Sleep, said: “The funds raised will accelerate our growth strategy including through deepening penetration within our 10 existing markets, as well as expanding our product range.”
– Photo courtesy of Eve Sleep Ltd.