Casper Raises $55 Million Series B to Make Dreams a Reality
Today, Casper announced the close of a $55M Series B investment round. The new investment was led by Institutional Venture Partners (IVP), and includes Leonardo DiCaprio, Tobey Maguire, Adam Levine, Scooter Braun, and Pritzker Group Venture Capital. Existing investors, including New Enterprise Associates (NEA), Lerer Hippeau Ventures, Norwest Venture Partners, Vaizra Investments, SV Angel, Slow Ventures, and Queensbridge Ventures, also participated in the round. In June 2014, Casper announced $13.1M in Series A funding led by NEA, bringing its total funding to $69.95M.
Casper is one of the fastest growing consumer brands of all time, launching in April 2014 and earning $1M in revenue in its first 28 days. The company quickly struck a chord with consumers in a category that has stagnated for decades, and pegs its current run rate at around $100M.
Casper’s first product, its eponymous mattress, has won numerous design awards and is critically acclaimed for its universal comfort. Consumer Reports concluded that “Casper has a winner in this memory- and latex-foam mattress, which scored impressively across the board.” The critically acclaimed bed was designed and engineered in-house by former IDEO inventors. Its patent-pending sleep surface is made in America and unites memory and latex foams to sleep cool and provide perfect support. It ships free via UPS or bike messenger in a mini fridge-sized box, and is backed by a 100-day in-home trial period and 10-year warranty.
The new investment will provide the company with the resources to further its innovation arm, Casper Labs, and engineer, test, and launch new products on a faster timeline.
“Since our launch just 14 months ago, Casper has been inundated with requests for more sleep products,” says Philip Krim, Casper CEO and co-founder. “We’re excited to launch new products with the same dedication to design and engineering that allowed us to develop our universally comfortable mattress. And we’re equally thrilled to bring these products to a larger audience.”
“Casper’s meteoric rise is the direct result of its exceptional ability to hit a nerve with alienated consumers,” says Dennis Phelps, General Partner at Institutional Venture Partners, who as part of the investment, has joined Casper’s board of directors as an observer. “Casper is already conquering the US mattress market with its category-owning brand, and is poised to meet the overwhelming demand for international disruption of this industry.”
The current board of directors consists of Casper CEO and co-founder Philip Krim, Casper COO and co-founder Neil Parikh, Tony Florence (NEA), and Ben Lerer (Lerer Hippeau Ventures). Dennis Phelps (IVP) joins as a Board Observer.