US-based online mattresses seller Casper has raised $170m in funding through a Series C investment round for product innovation and business expansion.
Led by Target, the investment group includes Tresalia, IVP, Norwest, Lerer Hippeau Ventures, NEA, and Irving Capital, in addition to private investors.
The latest development brings the current total funding to $240m.
Casper co-founder and CEO Philip Krim said: "Innovation has always been our catalyst for growth. 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."
According to the company, the new investment will enhance its product innovation.
Casper is planning to expand its R&D capabilities with the launch of a design lab in San Francisco and a facility and engineering team dedicated to developing new products.
The investment is also expected to allow the brand to traverse online and offline distribution at scale.
Launched in 2014, Casper doubled its revenues from $100m in 2015 to more than $200m last year.
Developed in-house by its R&D team in San Francisco, the product range offered includes the Casper pillow, sheets, foundation, bed frame, duvet and dog mattress.