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Mattress retailer Eve Sleep raises £35m as part of stock market listing

Online mattress retailer Eve Sleep has raised £35 million as part of a stock market listing, valuing the firm at £140 million.

The British company, which is backed by star investor Neil Woodford, mandated broker Peel Hunt earlier this year to run the process and shares will start trading on the London Stock Exchange's junior market AIM on Thursday.

The cash will be used on Eve's marketing strategy and support its growth in Europe.

The Press Association first reported the company was considering an IPO in March.

Chief executive Jas Bagniewski said: "Today marks a new dawn in our vision to be Europe's leading sleep brand. With our simplified direct to consumer proposition, we are disrupting a fragmented European market, which is forecast to be worth approximately £26 billion by 2019.

"The funds raised will accelerate our growth strategy including through deepening penetration within our 10 existing markets, as well as expanding our product range."

Camden-based Eve, which employs more than 50 people, was founded in 2015 by Mr Bagniewski.

Eve turned over £12 million last year as the British mattress market hots up, with other start-ups such as Simba providing stiff competition in an increasingly crowded space.

The loss-making firm, which sells mattresses for up to £899, already operates in Germany and France, but the company believes there is " significant opportunity" for further expansion, with the aim being to "become the leading pan-European sleep brand".

Last year, Eve drafted City heavyweight Paul Pindar in as chairman. Mr Pindar is the former Capita chief executive and was also an early investor in online estate agent Purplebricks.

Eve raised close to £14 million in 2016, when investors such as Mr Woodford and private equity firm Octopus Ventures piled in to a fundraising round.

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