US-based mattress producer Casper closed a $170m series C round led by retailer Target yesterday that, according to the New York Times, valued it at $750m.
Target, which invested $75m according to a Recode report last month, was joined by Tresalia, IVP, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates (NEA) and Irving Capital.
The round was filled out by angel investors including actor Kevin Spacey, basketball players Carmelo Anthony, Andre Iguodala and Kyrie Irving, snowboarder Shaun White and rapper Curtis ‘50 Cent’ Jackson.
Casper develops its own high-grade bedding in-house and sells them through a branded website. The company, which recorded more than $200m in revenue in 2016, began with mattresses and has since expanded to products such as pillows, duvets and sheets.
The funding will support Casper’s research and development activities, partly through the establishment of a design lab in San Francisco which will develop new product lines. It also plans to expand its online and offline distribution capabilities.
Philip Krim, co-founder and chief executive of Casper, said: “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.”
Casper has now raised $240m altogether, $55m of which came in a 2015 series B round led by IVP and backed by Norwest, Lerer Hippeau, NEA, Slow Ventures, SV Angel, Vaizra Investments, Queensbridge Ventures and the Pritzker Family.
– Photo courtesy of Casper