Casper plans to use the funding to scale its distribution and launch a new design lab aimed at expanding its product line.
“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 CEO and co-founder Philip Krim said.
This brings the total amount raised by Casper, No. 182 in the 2017 Internet Retailer Top 500, to $239.7 million across four rounds since launching in 2014, according to CrunchBase. This $170 million funding round comes less than a month after Target (No. 20) invested $75 million into the company.
Separately, Target announced last month that it would begin selling Casper products in its physical stores and online starting this month. A Target spokeswoman says the retailer has continued to invest in Casper because they see Casper as being a forward thinking company.
“We’ve been impressed by their ability to innovate and create new possibilities in an area of retail that has been somewhat unchanged for a long time,” the spokeswoman says. “The Casper team also recognizes the value of creating the right connections between an online and offline retail experience. How the two experiences connect together is something we’re focused on at Target, and we believe working with Casper will uncover insights and open up possibilities on both sides.”
Casper generated $200 million in online sales last year, up 100% from $100 million in 2015, according to Internet Retailer’s Top500Guide.com.