Casper Sleep

Casper
Private
Industry Mattresses
Founded 2013 (2013)
Founders Philip Krim, Neil Parikh, T. Luke Sherwin, Jeff Chapin, Gabe Flateman
Area served
 Austria, Canada, Germany, Switzerland, United Kingdom, United States
Products Mattresses, Pillows, Sheets, Dog Mattresses
Website casper.com

Casper is a privately held, U.S. based, e-commerce company that sells mattresses online. Headquartered in New York City, the company has showrooms in New York City and Los Angeles and mattresses are manufactured in both Georgia and Pennsylvania.[1][2]

History

Casper launched in April 2014[3] by Philip Krim (previously of The Merrick Group, angelbeds.com, tranquilitymattress.com and SleepBetterStore.com[4]), Neil Parikh, T. Luke Sherwin, Jeff Chapin (previously of R&D at IDEO mattress company), and Gabriel Flateman.[5][6][7]

In January 2014, the company raised $1.85 million[8] in its first round of funding. The round was led by Lerer Ventures and Norwest Ventures and also included funding from Crosslink Partners, Vaizra Investments, and Correlation Ventures.[9]

On April 22, 2014, Casper officially launched, selling $1 million worth of product in the first 28 days.[10] In August 2014, an additional $13.1 million was received in Series A funding, including investments from New Enterprise Associates,[11] Ron Conway’s SV Angel, Ashton Kutcher's firm, A-Grade Investments, fashion designer Steven Alan, Queensbridge Venture Partners, and the investment group of musical artist Nas.[12][13][14]

In November 2014, Casper expanded its delivery from the contiguous United States to include Canada.[2]

Led by Institutional Venture Partners, the company raised $55 million Series B venture funding in June 2015.[15] The Series B funding included participation from celebrity investors: Tobey Maguire, Leonardo DiCaprio, Scooter Braun, Adam Levine, and Pritzker Group Venture Capital.[16]

Led by Target Corporation, the company raised $170 Million in Series C Funding in June 2017[17]. The Series C funding included participation from Tresalia, Institutional Venture Partners, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates, and Irving Investors [18] [19]

Products

Casper mattresses consist of four types of foam, memory foam, and polyurethane support foam.[20] Casper mattresses have been available for testing in New York and Los Angeles showrooms but only available for purchase online. Each mattress has been sold with a 100-day return policy. Returned mattresses have been donated.[21][22]

In November 2015, the company expanded their product offering to include pillows and sheets.[23]

In August 2016, Casper introduced their fourth product, a dog mattress.[24]

Delivery

Casper mattresses are compressed to fit into a condensed 21” by 21” by 41” box for portability.[25][26] The mattresses decompress after unboxing. In August 2014, Casper teamed up with Uber to deliver mattresses to New York City customers.[27]

References

  1. ↑ "Company Overview of Casper Sleep Inc.". Bloomberg Business. Bloomberg Business. Retrieved 14 May 2015.
  2. 1 2 Hardy, Ian. "Casper, The "Outrageously Comfortable" Mattress, is now Available to Canadians". Betakit.com. Betakit. Retrieved 14 May 2015.
  3. ↑ Griffith, Erin; Primack, Dan (29 May 2015). "Exclusive: Mattress startup Casper raising big new funding round". Fortune.com. Fortune. Retrieved 25 May 2017.
  4. ↑ Business Spotlight: Better sleep, one mattress at a time - Jewish Herald-Voice, 18 Feb 2010
  5. ↑ Weber, Harrison. "A startup for your mattress: Casper raises $1.6M to reinvent sleep". Venture Beat. Venture Beat. Retrieved 14 May 2015.
  6. ↑ Mochari, Ilan. "How This Mattress Startup Made $20 Million in 10 Months". Inc.com. Inc.com.
  7. ↑ Wadler, Joyce. "More Than a Place to Rest". NY Times. NY Times. Retrieved 14 May 2015.
  8. ↑ Weiss, Geoff. "This Startup Aims to Be the Tesla of Mattresses". Entrepreneur. Entrepreneur. Retrieved 14 May 2015.
  9. ↑ Primack, Dan. "Deals of the day: Shape Security raises $40 million". Fortune. Fortune. Retrieved 14 May 2015.
  10. ↑ Ha, Anthony. "Casper Raises $1.6M To Offer A New Approach To Building And Selling Mattresses". TechCrunch.com. Tech Crunch. Retrieved 14 May 2015.
  11. ↑ Fiegerman, Seth (7 August 2014). "Casper Raises $13 Million to Help You Sleep Better at Night". Mashable.com. Mashable. Retrieved 25 May 2017.
  12. ↑ Pasquarelli, Adrianne. "Ashton Kutcher puts millions into mattress startup". Crain's New York Business. Crain's. Retrieved 14 May 2015.
  13. ↑ Fischer, Ben. "Sleep startup Casper stands out in early days, investors say". BizJournals.com. New York Business Journal. Retrieved 14 May 2015.
  14. ↑ Kolodny, Lora. "Casper Sleep Raises $13.1M From Celebs and VCs to Make a Better Bed". Wall Street Journal. Wall Street Journal. Retrieved 14 May 2015.
  15. ↑ Kolodny, Lora. "Casper Raises $50 Million to Expand Its Mattress Business". Wallstreetjournal.com. Retrieved 15 June 2016.
  16. ↑ Kosoff, Maya. "A startup that delivers fluffy mattresses in boxes the size of golf bags just raised $55 million from investors like Leonardo DiCaprio and Tobey Maguire". Businessinsider.com. Retrieved 15 June 2016.
  17. ↑ "Casper Raises $170 Million in Series C Funding". PR Newswire. PR Newswire. Retrieved 17 July 2017.
  18. ↑ "The 10 Largest US Startup Funding Rounds of June 2017". Alley watch. Alley watch. Retrieved 17 July 2017.
  19. ↑ "Casper closes $170M Series C". Pitchbook. Pitchbook. Retrieved 20 July 2017.
  20. ↑ Newman, Lily Hay. "Casper: A Friendly Mattress Startup Worth Millions". Slate.com. Moneybox. Retrieved 14 May 2015.
  21. ↑ Isaac, Mike. "Casper, an Online Mattress Start-Up, Raises $13.1 Million". NYTimes. NY Times. Retrieved 14 May 2015.
  22. ↑ Directo-Meston, Danielle. "This Smart Mattress Brand's Dreamy LA Showroom Delivers Better Sleep". Los Angeles Racked. LA Racked. Retrieved 14 May 2015.
  23. ↑ Cowley, Stacy. "Casper Hopes Its 'One for All' Concept Translates to One Pillow". The New York Times. Retrieved 15 January 2016.
  24. ↑ Tiffany, Kaitlyn (18 August 2016). "Casper's new dog bed is $125 of luxurious foam and nylon". The Verge. Vox Media. Retrieved 11 September 2016.
  25. ↑ Ong, Josh. "2 weeks with the Casper mattress: Bedtime never felt so good". The Next Web. The Next Web. Retrieved 14 May 2015.
  26. ↑ Shontell, Alyson. "There's A 'Warby Parker Of Mattresses' That's Shipping Fluffy, King-Size Beds In Boxes As Small As Golf Bags". Business Insider. Business Insider. Retrieved 14 May 2015.
  27. ↑ Gilbert, Jason. "Going to the Mattresses: Uber to Deliver Casper Mattresses in NYC". Yahoo.com. Yahoo. Retrieved 14 May 2015.
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