US-based high-grade mattress producer Casper has raised $55m in a series B round featuring Norwest Venture Partners, the venture capital firm funded by bank Wells Fargo, the Wall Street Journal reported yesterday.
The round, which valued Casper at $555m according to a person familiar with the matter, was led by Institutional Venture Partners and also included Lerer Hippeau Ventures, New Enterprise Associates, Slow Ventures, SV Angel, Vaizra Investments, Queensbridge Ventures, the Pritzker Family and a host of celebrity angel investors.
Casper manufactures its own brand of memory foam and latex mattresses which it then sells online, initially providing same-day delivery in its home city of New York. It will shortly grow its product range to include sheets and pillows.
The company intends to expand internationally and is currently seeking a location in which to open its European headquarters.
Casper also plans to use the series B cash to ramp up mattress production and enhance its supply chain so it can offer same-day delivery to a greater range of customers.
Norwest was previously among the backers in Casper’s $1.9m seed round in March 2014, investing alongside Lerer Hippeau, Vaizra, Crosslink Capital and Correlation Ventures.
Casper subsequently raised $13.1m in series A funding from Norwest, SV Angel, A-Grade Investments, Slow Ventures, Consigliere Brand Capital, Silas Capital, Cendana Capital, Lerer Hippeau, Crosslink, Vaizra, Queensbridge and Correlation in August 2014.