Photo Credit: Casper
New York-based sleep company Casper recently announced it raised $100 million in a round of funding from return investors including NEA, IVP, Norwest, and Target along with new investors like Dani Reiss (Canada Goose chairman and CEO) and Gordon Segal (founder and former Chairman of Crate&Barrel).
This funding round will be used for further fueling Casper’s category leadership and omnichannel growth as the company continues scaling its high-performance retail fleet, e-commerce channels, and wholesale distribution. Prior to this round, Casper raised $240 million from a number of investors including celebrities like Leonardo DiCaprio and 50 Cent.
Casper also announced it is adding two independent directors to its board of directors. The new directors include Reiss and Karen Katz (former CEO of Neiman Marcus Group).
“We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe,” said Casper co-founder and CEO Philip Krim. “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.”
Casper reported that it hit record-setting growth last year with revenue topping $400 million. With this funding round, Casper’s post-money valuation is now $1.1 billion.
“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,” added Katz.
Casper is considered one of the fastest growing consumer brands of all time. And the company also has a full portfolio of sophisticated sleep products including mattresses, pillows, bedding, and furniture.
Casper also owns and operates more than 20 Sleep Shops across North America. Plus the company’s products are available at retailers including Target and Hudson’s Bay.
Last year, Casper opened its first permanent store. And Casper is planning to open 200 stores in the coming years.
And Casper is hiring underwriters for an initial public offering (IPO), according to Reuters. The company is planning to interview investment banks in April said Reuters’ sources.
“The public markets have certainly been hot this year, for sure,” said Krim in an interview on CNBC’s Closing Bell recently. “When I think about it for Casper, we are building a generational brand in business, and so we look at public markets as something that could be down the road for us. But right now we are focused on building the business, taking some great products to market.”
But he said “no comment” when he was asked whether they were hiring underwriters.
