Digitally-native听mattress brand听Resident听has received an investment of 拢95.7 million听and plans to boost its UK operation amid听global growth.听听
The Silicon Valley firm鈥檚 UK operation 鈥� which includes direct to consumer mattress brands Nectar and听DreamCloud听鈥撎�launched in 2018 and听achieved profitability in 2020, benefitting from 354% growth YoY.听
It has a focus on sustainability, achieved through manufacturing its products in the UK.听Nectar and听DreamCloud听recently became the first certified 鈥榗arbon neutral鈥� mattresses endorsed by the Good Housekeeping Institute.听
The Series B round was led by Ion Crossover Partners and Nexus Capital Management with participation from Baron Capital Group.听
鈥淲e drove Resident to profitability through a combination of data-driven performance marketing coupled with product and operational excellence,鈥� said Eric Hutchinson, Resident听co-founder.听听
鈥淐OVID has generated tremendous momentum for eCommerce companies worldwide听and our focus on data-driven performance marketing allowed us to react to UK market trends faster than others.听听
鈥�The increased demand also forced us to drive efficiencies across every area of the business, which will create benefits for years to come.鈥�听
Since its inception in late 2016, Resident has operated primarily with a remote workforce.听It says the听approach听allowed it听to scale its team with domain experts and had the unexpected benefit of keeping daily operations business-as-usual听in spite of听the pandemic.听
鈥淲e鈥檝e been following Resident鈥檚 success for a while and are excited to join their journey,鈥� said Jonathan Kolodny of ION Crossover Partners.听听
鈥淲e are confident that the exceptional team and the marketing platform they鈥檝e built will allow the company to continue on its unprecedented growth trajectory.鈥�听
As part of the deal, representatives of Ion Crossover Partners and Nexus Capital Management will join Resident鈥檚 board.听