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Casper raises total funding of $240 million
Jun '17
Casper, the global sleep company launched three years ago has announced the close of a $170 million 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 joined the round bringing the total funding to $240 million.

The entertainers and athletes who joined the round include Kevin Spacey, Curtis "50 Cent" Jackson, Carmelo Anthony, Kyrie Irving, Shaun White, and Andre Iguodala.

The new investment will accelerate Casper's industry-leading product innovation. The company will expand its research and development 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. The company earned $1million in revenue in its first 28 days, went on to earn $100 million in 2015, and doubled its annual revenue to more than $200 million in 2016.

"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 research and development, and an evolved consumer experience," said Philip Krim, CEO and co-founder of Casper.

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 research and development 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. (SV)

Fibre2Fashion News Desk – India

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