VC-backed Eve Sleep in £140m IPO

Oscar Geen
15 May 2017

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Octopus Ventures, DN Capital and Woodford Investment Management portfolio company Eve Sleep is to float on the London Stock Exchange, raising ТЃ35m from the placing of 34,587,411 new ordinary shares priced at 101 pence apiece.

This offer gives the company a market capitalisation value of around £140m on admission to trading on AIM. The new shares will bring the total number of ordinary shares in issue to 138,349,644.

The £35m of new funding will be used to support Eve's advertising and marketing strategy, as well as providing general working capital for the company's growth.

Admission and commencement of dealings is set to take place under the ticker EVE at 8am on 18 May 2017.

Previous funding
Octopus and DN invested in a $788,000 seed round for Eve in May 2015, followed by a $3.28m series-A in November 2015.

The VCs then participated in a £6.9m series-B funding round for Eve alongside Channel 4's growth investment fund in July 2016. Three months later, Woodford Investment Management led a €8m series-B extension for the company.

Company
Founded in 2015 and headquartered in London, Eve is an e-commerce business that designs and sells mattresses made of memory foam layers and latex. The company has reported revenue growth from £2.6m in its first financial period of operation in 2015 to £12m in 2016. According to a statement, the growth is due to increasing market share in the UK as well as expansion into new geographies and products.

People
Eve Sleep – Jas Bagniewski (CEO); Abid Ismail (CFO).

Advisers
Company – Peel Hunt, Dan Webster, George Sellar, Max Irwin, Jock Maxwell Macdonald (legal).