US-based mattress and bedding brand Casper Sleep filed on Friday to raise $100m in an initial public offering that would enable big-box retailer Target to exit.
Casper produces foam and hybrid foam-and-spring mattresses as well as pillows, duvets, sheets, dog beds and bedroom accessories like lamps, promising greater comfort for the price. It made a $67.4m net loss from $312m in revenue over the first nine months of 2019.
Morgan Stanley, Goldman Sachs, Jefferies, BofA Securities, UBS Securities, Citigroup Global Markets, Piper Sandler and Guggenheim Securities have been appointed underwriters for the offering, which will take place on the New York Stock Exchange.
Although the filing did not disclose the size of their individual stakes, it revealed that IVP, New Enterprise Associates (NEA), Norwest Venture Partners (NVP), Target unit Red Cart Ventures and Vaizra Investments are the shareholders that own at least 5% of the company.
The offering comes in the wake of $340m in funding, including $100m in an April 2019 round backed by Target, NVP, NEA, IVP and individual investors Dani Reiss and Gordon Segal at a reported $1.1bn valuation.
Casper was valued at $920m following a $170m series C round in 2017 that included $75m from Target and additional capital from IVP, Tresalia Capital, NVP, Lerer Hippeau, NEA, Irving Capital and assorted celebrity investors.
IVP led the company’s $55m series B round in 2015 at a $555m valuation, investing alongside NVP, Lerer Hippeau, NEA, Vaizra Investments, the Pritzker Family, Slow Ventures, SV Angel, Queensbridge Ventures and various celebrities.
Earlier investors in Casper include Crosslink Capital, Correlation Ventures, A-Grade Investments, Consigliere Brand Capital, Silas Capital and Cendana Capital.
Photo courtesy of Casper Sleep Inc.
