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13-06-2017 - Modwenna Rees-Mogg - 0 comments
Deal Envy - Octopus backed Eve achieves an IPO

Eve Beds was only founded in 2014 and has rapidly grown its sales over the last two and a half years increasing them from £2.6m in 2015 to over £11m in 2016.  Valued at £140m on IPO with a fundraising of £35m at the time of listing, the company has generated strong returns for the likes of Octopus, Neil Woodford and the Channel 4 Commercial Growth Fund which exchanges advertising for equity

Quoted as EVE SLEEP PLC, investors who were able to exit at the IPO will have been pleased since the share price has drifted down by around 10% since the float, although to be fair this fall has been in line with the sector.  It will have been affected by the news of a softer UK economy with consumers cutting back on spending.  

Eve is however a good example of the new wave of direct to consumer online products brands that make clever use of social media marketing to grow globally very rapidly indeed. The strong team behind the company includes:  Jas Bagniewski (ex-senior management of Groupon UK and ex-head of Zalando UK),James Fryer (previously of Zen Bedrooms), Kuba Wieczorek (ex director at Channel 4 Creative and Head of Sports Marketing at Channel 4), Joe Moore (formerly at Deloitte), Felix Lobkowicz (ex-VP Rocket Internet and ex-head of Zalando UK) and Abid Ismail (ex-CEO of Axelos, part of Capita Plc, and ex-Assistant Director at Ernst and Young M&A).

As a case study for investors in ambitious startups in this space it is a classic and it will be interesting to see how the company performs from now on as the market is becoming increasingly crowded market.  Whether investors in the quoted equity will do as well as the early investors in such a short space of time will be worth looking at in 2020. 

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