Casper Raises $170 Million in Series C Funding

NEW YORK, June 19, 2017 /PRNewswire/ -- Casper (casper.com), the global sleep company that launched just three years ago with its outrageously comfortable mattress, today announces the close of a $170M Series C investment round. The new investment was led by Target (TGT), and includes Tresalia, IVP, Norwest, Lerer Hippeau Ventures, NEA, and Irving Capital. High-profile entertainers and athletes also join the round — including Kevin Spacey, Curtis "50 Cent" Jackson, Carmelo Anthony, Kyrie Irving, Shaun White, and Andre Iguodala — bringing the total funding to date to $240M.

The new investment will accelerate Casper's industry-leading product innovation. The company will expand its R&D capabilities with the launch of a design lab in San Francisco, a facility and engineering team dedicated to developing new products to complete the Casper ecosystem — from re-designed soft goods to the future of connected sleep. The funding will also enable the digitally-first brand to traverse online and offline distribution at scale.

Since launching in April 2014, Casper has become one of the fastest-growing consumer brands of all time. The company earned $1M in revenue in its first 28 days, went on to earn $100M in 2015, and doubled its annual revenue to more than $200M in 2016.

"Innovation has always been our catalyst for growth," said Philip Krim, CEO and co-founder of Casper. "As we look ahead to Casper's next chapter, we see the future of sleep driven by unparalleled R&D, and an evolved consumer experience."

Following the successful launch of Casper's critically acclaimed mattress in April 2014, the company developed a line of core sleep products, including the Casper pillow, sheets, foundation, bed frame, duvet, and dog mattress. The entire range is designed in-house by an award-winning R&D team in San Francisco, setting a new industry standard for premium products with meticulous design and obsessive engineering. Casper will continue to transform the sleep category with a technology pipeline that stretches far into the future.

About Casper:
Casper (casper.com) was created to re-imagine sleep from the ground up, beginning with its obsessively engineered, outrageously comfortable mattress. All of Casper's sleep products are developed in-house by the company's award-winning R&D team in San Francisco. Casper was recently named one of Fast Company's Most Innovative Companies in the World and its eponymous mattress was crowned one of TIME Magazine's Best Inventions.

Contact: 
Lindsay Kaplan 
VP, Communications 
[email protected] 

SOURCE Casper

Related Links

http://casper.com