NEW YORK — Casper, a maker of fine mattresses, has closed a $170 million Series C investment round led by national retailer Target. Other investors include Tresalia, IVP, Norwest, Lerer Hippeau Ventures, NEA, and Irving Capital. The company also has some notable celebrity entertainers and athletes joining 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 $240 million.
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 $1 million 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,” 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.