From Home Furnishing Business
Casper Secures $100 Million in Funding, Adds 2 to Board
Online bed-in-a-box pioneer Casper has announced the close of $100 Million in funding and the addition of two new independent directors to its board.
The fundraise includes return investors NEA, IVP, Norwest, and Target (TGT), as well as several new investors such as Dani Reiss, chairman and CEO of Canada Goose, and Gordon Segal, founder and former chairman of Crate&Barrel.
The new funding will further fuel Casper's category leadership and omnichannel growth, as the company continues to scale its high-performing retail fleet, wholesale distribution, and ecommerce channels.
"We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe," said Philip Krim, co-founder and CEO of Casper. "Today's financing accelerates Casper's vision to become the world's largest end-to-end sleep company. Our growth will continue to be catalyzed by state-of-the-art sleep products, best-in-class customer experiences, and world-class leadership."
Concurrent with the fundraise, Casper is adding two independent directors to its Board of Directors. These additions include:
- Karen Katz, former CEO of Neiman Marcus Group and current Boards include Neiman Marcus Group and Under Armour
- Dani Reiss, chairman and CEO of Canada Goose
Katz, a renowned leader in the retail industry with diverse experience leading brick-and-mortar and digital growth, commented on her appointment to the Casper Board: "Casper has revolutionized the process of buying a mattress by making the shopping experience easy, transparent, and enjoyable. It has transcended the industry as a next-generation, channel-agnostic business synonymous with better sleep. Casper is uniquely positioned to become one of the most influential health and wellness brands in the world today."
The announcement comes on the heels of record-setting growth for Casper with the company's 2018 revenue topping $400 Million. Casper's post-money valuation is now $1.1 Billion.