Swyft has received a £10m investment from UK-based Sleep Brands Limited to take the sofa company into new markets.
The ‘sofa in a box’ company says the cash injection will enable it to launch in Germany by the end of the year, as well as in a minimum of two additional European territories in early 2025. The investment will also enable Swyft to diversify its product range.
Investor Sleep Brands Limited is a special purpose vehicle (SPV) active in the US furniture components market and contract manufacturing in Europe in bedding and upholstery. Co-directors are Gian and Karolina Fazio.
Swyft founder and CEO Keiran Hewkin said: “This new partnership gives Swyft the ability to leverage a global network of suppliers and customers. With Gian’s experience supplying brands around the world and Swyft’s successful concept and industry-leading next day delivery we have a great base to build upon.”
Swyft was launched as a direct-to-consumer homeware retailer in December 2019, specialising in the rapid delivery of fully deconstructable sofas, and has since grown rapidly, reaching a run rate of £24m.
According to the retailer, it is forecast to double its turnover within the next three years, and has reached a valuation of £80m.
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