Simba nightmare as mattress start-up’s value crashes to £20m

Shareholders in the online mattress retailer promoted by Gareth Bale are facing a nightmare after the company’s valuation was slashed to just £20m in a bid to secure new funding.

Sky News has learnt that Simba Sleep, one of Britain’s most hyped start-ups, has been forced into a radical restructuring of its latest funding round.

The company finalised proposals on Monday to raise £10m at a valuation of just £20m – one-fiftieth of the prospective £1bn price tag that one of Simba’s founders said it could be worth within the next couple…
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