Mattresses. Everyone needs to sleep on one. But the current mattresses hype is really something to behold. Now, UK’s Eve Sleep, not three years old, went public in good old New Economy fashion.
Eve Sleep got £35 million on a valuation of £140 million. From the stock exchange prospectus (PDF):
On 15 March 2017, an investor subscribed for a further 206,773 Preference Shares. This investment was required to fund the Company’s short-term cash requirements and was made to protect the investor’s original investment while the business sought a longer-term funding solution.
The Company was re-registered as a public company on 12 May 2017 and by special resolution changed its name to eve Sleep plc.
Eve Sleep made revenues of just £12 million. The raised money will be used for marketing, of course:
The company, founded in 2014, says the £35 million will be put towards “advertising and marketing strategy and will be used as general working capital to support and implement the Company’s growth strategy.”
As I said, the mattresses hype is really something to behold.
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