Swyft's founder and CEO Keiran Hewkin has announced a £10m deal with special purpose vehicle (SPV) Sleep Brands to fund the global expansion of the UK sofa-in-a-box brand.
Online furniture delivery company Swyft has seen impressive growth since it launched in December 2019, with a run rate of £24m, and the deal sees a significant investment into the business and an opportunity for broader confidence across the category, says Keiran.
Sleep Brands, the company on the other side of the deal, is an SPV owned by Gian Fazio, who is mainly active in the furniture components market in the US, and contract manufacturing in Europe, both in bedding and upholstery. The group of companies owned by Gian’s family employs over 2000 staff.
In February 2023, Gian acquired Dormeo UK, which has been present as a mattress brand in the UK for over 10 years and is headquartered in High Wycombe. The company, which was purchased as part of a distress sale, is heading for revenues of £30m.
The investment will be used to launch Swyft (valued at £80m) in international markets, with an aim of Germany by the end of 2024, followed by at least two additional European territories in early 2025.
Gian comments: “Keiran has built a brand which very successfully combines convenience with a modern, urban design. His background in upholstery and as an entrepreneur has allowed him to develop a team with a unique set of skills – unmatched, in my opinion, in this industry. The transaction was as much about the brand as the team.”
Keiran, who will remain as CEO, adds: “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.”
The investment reflects Sleep Brands' confidence in the category's growth. Indeed, Swyft's turnover is forecast to double turnover within the next three years.
