Mattress and bedding retailer Casper Sleep Inc. (No. 132 in the Internet Retailer 2018 Top 1000), closed this week on a new $100 million funding round that values the company at $1.1 billion.
Investors in the new round include existing investors New Enterprise Associates, Institutional Venture Partners, Norwest Venture Partners, and Target Corp. (No. 17). New investors include Dani Reiss, CEO of Canada Goose (No. 644), and Gordon Segal, founder and former chairman of Crate and Barrel.
Casper says it will use the new money to fund “category leadership and omnichannel growth, as the company continues to scale its high-performing retail fleet, wholesale distribution, and ecommerce channels,” but it provided no specifics.
Casper also announced it added Reiss to its board, along with Karen Katz, former CEO and current board member of Neiman Marcus Group (No. 43) and board member for Under Armour Inc. (No. 33).
Casper says its 2018 revenue topped $400 million. The mattress retailer has raised $339.7 million across seven funding rounds since it launched in November 2013, according to Crunchbase data.
Mattresses have been among the fastest-growing product categories online. In 2017, the 14 mattress retailers in the Internet Retailer Top 1000 generated $1.767 billion in revenue, a 60.6% year-over-year increase.Favorite