Online mattress business Simba has securing a further 24 million dollars (£18.2 million) to fund expansion plans, the company has confirmed.

Bosses said they plan to use the latest investment by Cartesian Capital Group to grow profitability in its main markets, accelerate its Canadian business and expand further in China.

Steve Reid, chief executive at Simba, said: “Despite the challenging market conditions, 2019 has been a transformative year for Simba.

“We focused on disciplined growth, both in the UK and globally, which has paid off.

“This year Simba achieved UK profitability whilst delivering significant global EBITDA improvements, and we are now in a position where we are primed for profitable growth on a global scale.”

The company already operates in nine countries across Europe, Asia and North America, selling mattresses direct to consumers.

It is a fast-growing market, with several rivals trying to dominate the space.

Last year, Simba and rival Eve Sleep announced plans for a merger, in an attempt to grow business. However, by September the deal had fallen apart, with Eve explaining it wanted to focus on cutting costs following an over-expansion.

Simba said it had pulled out of the deal because it was now profitable in the UK – something bosses previously thought would have come sooner with a merger.

Both businesses have struggled previously in a tough market.

Simba was forced to slash its valuation from £200 million to around £20 million a year ago to secure new growth funding.

Meanwhile, Eve had seen its share value slide due to an over-expansion in Europe after floating on a £140 million valuation.

It is now valued at around £6 million.

The new investors in Simba, US-based Cartesian, have a portfolio of three billion dollars spread across several different countries and industries.

Peter Yu, managing partner at the firm said: “With tenacity, nimbleness, and discipline Simba’s leadership have successfully steered the company through challenging market environments.

“Simba’s innovations and proprietary technology create a uniquely attractive value proposition and a truly global appeal.”

Simon Neville is PA City Editor.