Casper Sleep secures $100m funding to support growth

28 March 2019 (Last Updated March 28th, 2019 11:39)

US-based online mattress retailer Casper Sleep has secured $100m in funding round led by various existing investors valuing the company at $1.1bn.

US-based e-commerce sleep products retailer Casper Sleep has secured $100m in funding, led by various existing investors valuing the company at $1.1bn.

The investors include New Enterprise Associates, Institutional Venture Partners, Norwest Venture Partners and Target (TGT). New investors who participated include Canada Goose chair and CEO Dani Reiss, and Crate&Barrel founder and former chair Gordon Segal.

Casper is planning to use the funding to further support its category leadership and omnichannel growth. The retailer will also scale its retail fleet, wholesale distribution, and e-commerce channels.

Casper Sleep co-founder and CEO Philip Krim said: “We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe.

“We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe.”

“Today’s financing accelerates Casper’s vision to become the world’s largest end-to-end sleep company. Our growth will continue to be catalysed by state-of-the-art sleep products, best-in-class customer experiences, and world-class leadership.”

The mattress retailer has also appointed two new independent directors to its board of directors, including Reiss and Neiman Marcus Group former CEO Karen Katz.

Casper currently operates more than 20 Sleep Shops across North America offering a range of products, such as mattresses, pillows, bedding and furniture. The company also offers its products across various retailers, such as Target and Hudson’s Bay.

Founded five years ago, the company has raised a total of $340m in funding to date.

Katz said: “Casper has revolutionised 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.”