Fastest-growing sleep company secures investment for product innovation and multi-channel expansion
NEW YORK, June 19, 2017 — 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.
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.