Resident raises £95.7 million worth of funding
Resident has received an investment of £95.7 million to fuel its global growth plans.
Led by Ion Crossover Partners and Nexus Capital Management with participation from Baron Capital Group, the funds will be used to expand Resident’s physical store estate in the US and to strengthen its supply chain and infrastructure.
Resident launched in the UK in 2018 with its direct-to-consumer mattress Nectar and then introduced the luxury DreamCloud brand. The company enjoyed strong growth in the UK in 2020 with revenue increasing by 354% year-on-year.
Eric Hutchinson, Resident co-founder, said: “We drove Resident to profitability through a combination of data-driven performance marketing coupled with product and operational excellence. Our key to success is our ability to find in-market customers and offer them exceptional products at great value. The quality and stature of our newest investors shows a true vote of confidence in our business model and continued success.
“Covid has generated tremendous momentum for ecommerce companies worldwide and our focus on data-driven performance marketing allowed us to react to UK market trends faster than others. The increased demand also forced us to drive efficiencies across every area of the business, which will create benefits for years to come.”
As part of the deal, representatives of Ion Crossover Partners and Nexus Capital Management will join Resident’s board.
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