Online memory-foam mattress retailer Casper has raised another $100 million in funding at a valuation of $1.1 billion, the company announced today.
The news comes hours after we published that the New York startup was reportedly looking for underwriters to pen a potential initial public offering (IPO).
The new capital comes from existing investors NEA, IVP, Norwest and Target, as well as several new investors, including Dani Reiss, chairman and CEO of Canadian, outwear maker and retailer Canada Goose, and Gordon Segal, founder and former chairman of Crate & Barrel. The latest raise takes Casper’s total funding raised to nearly $340 millionsince its inception in 2013.
The company did not comment on the IPO rumors but in a press release said it was planning to use the funding toward scaling its retail fleet, wholesale distribution and e-commerce channels. Casper told me via email it plans to “invest in R&D… for future product innovation.” It added that its revenue in 2018 topped $400 million, compared to a reported $600 million from its launch date in April 2014 through the end of 2017.