From Home Furnishing Business
Led by Target, Casper Raises Another $170M from Investors
Online mattress retailer Casper said it has completed another round of funding, raising $170 million from several venture capital firms, entertainers and athletes.
The latest round of funding was led by Target (NYSE: TGT), who reportedly offered to buy Casper for $1 billion earlier this year. Casper products recently were added to Target’s website and will soon be sold in select Target stores.
Casper officials said the new investment will enable the company to expand its research and development capabilities by opening a design lab in San Francisco and hiring an engineering team dedicated to designing new products.
"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."
In addition to Target, investors in the most recent funding round were venture capital firms Tresalia, IVP, Norwest, Lerer Hippeau Ventures, NEA, and Irving Capital. Other participants included NBA stars Carmelo Anthony, Kyrie Irving and Andre Igoudala, snowboarding icon Shaun White, and entertainers Kevin Spacey and Curtis “50 Cent” Jackson.
Arguably the best known of the so-called “bed-in-a-box” retailers, Casper was launched in April 2014. According to the company, it racked up $100 million in sales in 2015 and $200 million in sales in 2016.
A recent New York Times story quoted Krim as saying he wanted to take the company public, but didn’t offer a timeline. Click here to read the Times story.