Mattress Startup Casper valued at $1.1B with Series D Funding
Founded in 2014, Casper posted $373 million in net revenue in 2018, according to leaked financials. In a press release, however, Casper refuted that 2018 revenue topped $400 million. The company, isn’t profitable, with losses reaching $64 million last year, per The Information. According to Casper’s projections, it will become profitable on an EBITDA basis in 2019 and is expecting revenues of $556 million this year.3
Competing with other startups in the business of mattresses, like the publicly traded Purple and the VC-backed Leesa Sleep, Casper has taken to brick-n-mortor retail to augment its following. Casper opened its first store in New York City in 2018 and has detailed additional plans to open another 200 stores.
Casper has now secured a $100 million Series D investment from investors Target, NEA, IVP and Norwest Venture Partners.The fresh infusion of capital values Casper at $1.1 billion, according to Bloomberg.
“We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe,” Casper chief executive officer and co-founder Philip Krim said in a statement. “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.”
An initial public offering is likely the next step for the sleep products retailer, which sells pillows and an $89 sleep-friendly light, in addition to mattresses. Per a recent Reuters report, Casper is in the process of hiring underwriters for its IPO.
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