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Casper Sleep

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Casper Sleep Inc.
Company typePrivate
Template:NYSE was (2020–2022)
IndustryMattress manufacturing and sales
FoundedApril 22, 2014; 12 years ago (2014-04-22)
FoundersPhilip Krim
Neil Parikh
T. Luke Sherwin
Jeff Chapin
Gabe Flateman
HeadquartersNew York City, New York, U.S.
Area served
Canada, United States, Europe
ProductsMattresses, pillows, sheets, dog mattresses
RevenueIncrease $439.258 million (2019)
Increase -$88.746 million (2019)
Decrease -$93.04 million (2019)
Total assetsIncrease $230 million (2019)
Total equityDecrease -$307.094 million (2019)
OwnerDurational Capital Management (2022–present)
Websitecasper.com

Casper Sleep Inc.—commonly referred to as Casper—operates as an e-commerce enterprise specializing in sleep-related products sold both online and through physical stores. Its headquarters are situated in New York City, with showroom locations in New York City, Chicago, among other cities. Manufacturing of its mattresses takes place in facilities located in Georgia and Pennsylvania.[1][2][3]

History

Founded in April 2014,[4] Casper was established by Philip Krim—who had prior experience with The Merrick Group and various mattress retailers—alongside Neil Parikh, T. Luke Sherwin, Jeff Chapin (formerly at IDEO), and Gabe Flateman.[5][6][7][8]

The company secured $1.85 million in initial funding during January 2014,[9] with Lerer Ventures and Norwest Venture Partners leading the round, complemented by investments from Crosslink Partners, Vaizra Investments, and Correlation Ventures.[10]

Officially launching on April 22, 2014,[11] Casper subsequently raised $13.1 million in its Series A financing round by August 2014. This round attracted contributions from investors such as New Enterprise Associates, Ron Conway’s SV Angel, Ashton Kutcher’s A-Grade Investments, fashion designer Steven Alan, Queensbridge Venture Partners, and Nas’s investment group.[12][13][14][15]

By November 2014, Casper had extended its delivery services beyond the contiguous United States to include Canadian markets.[16]

In June 2015, led by Institutional Venture Partners, Casper secured $55 million in Series B venture capital.[17] This round featured participation from celebrity investors such as Tobey Maguire, Leonardo DiCaprio, Scooter Braun, Adam Levine, and Pritzker Group Venture Capital.[18][19]

Target Corporation spearheaded a $170 million Series C funding round in June 2017,[20] with additional contributions from Tresalia, Institutional Venture Partners, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates, and Irving Investors.[21][22] Later that year in September, Casper partnered with American Airlines.[23][24]

In April 2018, Casper designed sleep accessories including pillows and blankets for American Airlines passengers.[25] The same month marked the opening of a Canadian office and manufacturing plant based in Toronto.[26]

Casper operated Van Winkle's, a digital publication centered on sleep topics until November 2018,[27] after which the company introduced Woolly, a quarterly lifestyle magazine.[28]

Early in 2019, Casper Sleep raised $100 million through a Series D financing round from existing backers including Target Corporation, NEA, IVP, Norwest Venture Partners, alongside new investors Dani Reiss of Canada Goose Holdings and Gordon Segal of Crate & Barrel.[29][30] Dani Reiss joined the board as an independent director together with Karen Katz of Under Armour and former Neiman Marcus CEO.[31] This capital injection valued the company at approximately $1.1 billion.[32]

On January 10, 2020, Casper Sleep Inc filed an S-1 registration statement with the U.S. Securities and Exchange Commission signaling its intent to launch an initial public offering under the ticker symbol CSPR.[33]

The company debuted publicly on February 6, 2020 at an initial price of $12 per share, resulting in a market capitalization near $476 million on the New York Stock Exchange under CSPR.[34] However, by March 31, 2020, shares had declined to $4.12 each—equating to a market value of roughly $163 million—a significant drop from the previous year's valuation.[35]

In April 2020, following disappointing IPO results and revenue declines attributed to the COVID-19 pandemic's economic effects, Casper ceased its European operations and reduced its workforce by 21%, laying off 78 employees.[36][37][38] Additionally, CFO and COO Greg Macfarlane announced his departure effective May of that year.[39]

By November 2021, Casper disclosed an agreement to be acquired by Durational Capital Management,[40] with the transaction concluding in January 2022 resulting in Casper’s delisting from the New York Stock Exchange.[41][42]

In April 2023, Sleep Country Canada Holdings Inc. completed the purchase of all Canadian operations of Casper Sleep Inc.,[43] paying US$20.6 million for full ownership of Casper’s Canadian retail and e-commerce businesses. Since then, Casper Canada operates independently from its U.S. counterpart with distinct product offerings and supply chain management.[44]


Retail locations

File:Casper Dadeland Mall, 2021.jpg
A Casper retail outlet at Dadeland Mall, Florida in 2021

Casper began distributing their mattresses through West Elm stores across the United States and Canada in June 2016.[45] This collaboration concluded in October 2017 when Leesa took over Casper’s space.[46]

The company's inaugural permanent retail location was launched in New York City in February 2018.[47][48][49] Casper also established retail outlets in Canada during 2018; however, these stores are now operated independently by Casper Canada under Sleep Country Canada.

In July 2018, the company unveiled the Dreamery, a "physical sleep experience" venue offering urban residents the option to reserve 45 minutes of rest in one of nine private rooms. This concept store was situated just behind Casper’s main Manhattan location in Greenwich Village.[50] On July 13, 2018, Casper announced its availability for trial and purchase at Nordstrom.[51]

Legal disputes

In April 2016, Casper initiated legal action against three mattress review websites that had posted unfavorable evaluations of its products.[52] The lawsuits alleged that these websites directed potential Casper customers towards rival mattress brands, which Casper characterized as deceptive advertising. The dispute involving Sleepopolis was settled when Casper funded the site's acquisition.[53]

See also

References

  1. ↑ Company Overview of Casper Sleep Inc.
  2. ↑ Casper mattress availability expands to Canada
  3. ↑ Casper Store Locator
  4. ↑ Exclusive funding announcement
  5. ↑ Business Spotlight on Philip Krim
  6. ↑ Startup funding news
  7. ↑ Inc. profile
  8. ↑ The New York Times feature
  9. ↑ Entrepreneur article on startup funding
  10. ↑ Fortune funding report
  11. ↑ TechCrunch announcement
  12. ↑ Mashable coverage
  13. ↑ Crain's New York Business report
  14. ↑ BizJournals investor insights
  15. ↑ The Wall Street Journal venture capital news
  16. ↑ Betakit coverage
  17. ↑ The Wall Street Journal funding news
  18. ↑ Business Insider report
  19. ↑ TechCrunch valuation update
  20. ↑ PR Newswire release
  21. ↑ Alley Watch report
  22. ↑ Pitchbook news
  23. ↑ PureWow collaboration news
  24. ↑ Travel + Leisure feature
  25. ↑ The New York Times travel amenities article
  26. ↑ CTV News business update
  27. ↑ The Ringer analysis of tech startups in journalism
  28. ↑ The Wall Street Journal media pivot report
  29. ↑ Bloomberg funding announcement
  30. ↑ Bloomberg board appointments news
  31. ↑ Bloomberg board update
  32. ↑ Bloomberg valuation report
  33. ↑ S-1 filing documentation
  34. ↑ Forbes IPO coverage
  35. ↑ Business Insider stock analysis
  36. ↑ TechCrunch operational update
  37. ↑ TechCrunch IPO pricing report
  38. ↑ Fast Company layoff coverage
  39. ↑ Fast Company executive departure news
  40. ↑ Business Wire acquisition announcement
  41. ↑ Business Wire completion notice
  42. ↑ Durational Capital Management portfolio information
  43. ↑ Cision press release on acquisition closing
  44. ↑ Retail Insider acquisition analysis
  45. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  46. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  47. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  48. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named :0
  49. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  50. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  51. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  52. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  53. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).

External links

Template:Mattresses

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