Casper Sleep

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Casper Sleep Inc.
Private
Industry Mattresses
Founded April 22, 2014; 4 years ago (2014-04-22)
Founders Philip Krim
Neil Parikh
T. Luke Sherwin
Jeff Chapin
Gabe Flateman
Headquarters New York City, New York, U.S.
Area served
Austria, Canada, Germany, Switzerland, United Kingdom, United States
Products Mattresses, pillows, sheets, dog mattresses
Website casper.com

Casper Sleep (also known as just Casper) is a privately held, U.S.-based, e-commerce company that sells sleep products online. Headquartered in New York City, the company has showrooms in New York City, San Francisco and Los Angeles and mattresses are manufactured in both Georgia and Pennsylvania.[1][2]

History[edit]

Casper launched in April 2014[3] by Philip Krim (previously of The Merrick Group, angelbeds.com, tranquilitymattress.com and SleepBetterStore.com),[4] Neil Parikh, T. Luke Sherwin, Jeff Chapin (previously of IDEO), and Gabriel Flateman.[5][6][7]

In January 2014, the company raised $1.85 million[8] in its first round of funding. The round was led by Lerer Ventures and Norwest Ventures and also included funding from Crosslink Partners, Vaizra Investments, and Correlation Ventures.[9]

On April 22, 2014, Casper officially launched, selling $1 million worth of product in the first 28 days.[10] In August 2014, an additional $13.1 million was received in Series A funding, including investments from New Enterprise Associates,[11] Ron Conway’s SV Angel, Ashton Kutcher's firm, A-Grade Investments, fashion designer Steven Alan, Queensbridge Venture Partners, and the investment group of musical artist Nas.[12][13][14]

In November 2014, Casper expanded its delivery from the contiguous United States to include Canada.[2]

Led by Institutional Venture Partners, the company raised $55 million Series B venture funding in June 2015.[15] The Series B funding included participation from celebrity investors: Tobey Maguire, Leonardo DiCaprio, Scooter Braun, Adam Levine, and Pritzker Group Venture Capital.[16]

Led by Target Corporation, the company raised $170 Million in Series C Funding in June 2017.[17] The Series C funding included participation from Tresalia, Institutional Venture Partners, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates, and Irving Investors[18][19] In September 2017, Casper collaborated with American Airlines to provide a full suite of sleep products.[20][21]

In April 2018, Casper Sleep partnered with American Airlines to design pillows, blankets and other products for the airline's passengers.[22] Casper also announced later in April that they would be opening up a Canadian office in Toronto, along with a manufacturing facility in the country.[23]

Products[edit]

Casper mattresses consist of four types of foam, memory foam, and polyurethane support foam.[24] Casper mattresses have been available for testing in New York and Los Angeles showrooms but only available for purchase online. Each mattress has been sold with a 100-day return policy. Returned mattresses have been donated.[25][26]

In November 2015, the company expanded their product offering to include pillows and mattress/bed sheets.[27]

In August 2016, Casper introduced their fourth product, a dog mattress.[28]

The company launched its second mattress model, The Wave, in August 2017. Casper used a silicone polymer for The Wave that provides improved ergonomic support.[29][30]

A third budget-focused mattress was introduced in October 2017, The Essential.[31] Compared to the original mattress, the essential only has three layers of foam, is thinner, and the cover is non-removable.[32]

Casper published Van Winkle's, a news website focusing on sleep until November 2018.[33] After the shutdown of Van Winkle's, Casper announced a quarterly lifestyle magazine, Woolly.[34]

In April 2018, Casper introduced an adjustable bed frame.[35]

In June 2018, the company has added to its (one-pillow) pillow line with a new product: the Nap Pillow.[36]

In August 2018, Casper refreshed their bedding line with new sheets, along with releasing a nightstand table and bed frame.[37]

Retail presence[edit]

Prior to partnering with retailers, Casper operated trailers, as part of their "nap tour".[38] Each trailer contained four Casper mattresses, which were parked in major cities in the United States and Canada, allowing people to try the mattress.[39]

In June 2016, Casper began selling their mattresses at West Elm stores in the United States and Canada.[40] However, the partnership ended in October 2017, with Leesa replacing Casper.[41]

In May 2017, Casper began selling their pillows and bedding at Target stores.[42] Casper mattresses are also available on Target's website. Some Target-exclusive products also resulted from the partnership, such as a lounger.[43]

In September 2017, 15 pop-up stores were opened across North America, following the Casper Wave launch.[44]

In January 2018, Casper opened temporary nap pods inside of seven Indigo Books and Music locations in Canada.[45] The mattresses are not sold in-store; however, some Indigo locations stock Casper pillows.[46]

In February 2018, Casper's first permanent store opened in New York City.[47]

In April 2018, Casper announced that they would be opening stores in four Canadian provinces over twelve months, beginning with two Toronto locations in spring 2018.[48] In June, they announced a partnership with the Hudson's Bay Company to begin selling Casper products at 16 Hudson's Bay stores, 26 Home Outfitters stores and thebay.com in Canada.[49]

In July 2018, Casper announced the launch of the Dreamery, a “physical sleep experience” that will let city dwellers book 45 minutes of downtime in one of its nine private rooms. The concept store, located just behind its Manhattan flagship in Greenwich Village, provides pajamas, essential sleep oils and meditations by the mindfulness app Headspace for $25.[50]

On July 13 2018, Casper announced they are now available to try and purchase at Nordstrom [51]

References[edit]

  1. ^ "Company Overview of Casper Sleep Inc". Bloomberg Business. Bloomberg Business. Retrieved 14 May 2015.
  2. ^ a b Hardy, Ian. "Casper, The "Outrageously Comfortable" Mattress, is now Available to Canadians". Betakit.com. Betakit. Retrieved 14 May 2015.
  3. ^ Griffith, Erin; Primack, Dan (29 May 2015). "Exclusive: Mattress startup Casper raising big new funding round". Fortune.com. Fortune. Retrieved 25 May 2017.
  4. ^ Business Spotlight: Better sleep, one mattress at a time - Jewish Herald-Voice, 18 Feb 2010
  5. ^ Weber, Harrison. "A startup for your mattress: Casper raises $1.6M to reinvent sleep". Venture Beat. Venture Beat. Retrieved 14 May 2015.
  6. ^ Mochari, Ilan. "How This Mattress Startup Made $20 Million in 10 Months". Inc.com. Inc.com.
  7. ^ Wadler, Joyce. "More Than a Place to Rest". NY Times. NY Times. Retrieved 14 May 2015.
  8. ^ Weiss, Geoff. "This Startup Aims to Be the Tesla of Mattresses". Entrepreneur. Entrepreneur. Retrieved 14 May 2015.
  9. ^ Primack, Dan. "Deals of the day: Shape Security raises $40 million". Fortune. Fortune. Retrieved 14 May 2015.
  10. ^ Ha, Anthony. "Casper Raises $1.6M To Offer A New Approach To Building And Selling Mattresses". TechCrunch.com. Tech Crunch. Retrieved 14 May 2015.
  11. ^ Fiegerman, Seth (7 August 2014). "Casper Raises $13 Million to Help You Sleep Better at Night". Mashable.com. Mashable. Retrieved 25 May 2017.
  12. ^ Pasquarelli, Adrianne. "Ashton Kutcher puts millions into mattress startup". Crain's New York Business. Crain's. Retrieved 14 May 2015.
  13. ^ Fischer, Ben. "Sleep startup Casper stands out in early days, investors say". BizJournals.com. New York Business Journal. Retrieved 14 May 2015.
  14. ^ Kolodny, Lora. "Casper Sleep Raises $13.1M From Celebs and VCs to Make a Better Bed". Wall Street Journal. Wall Street Journal. Retrieved 14 May 2015.
  15. ^ Kolodny, Lora. "Casper Raises $50 Million to Expand Its Mattress Business". Wallstreetjournal.com. Retrieved 15 June 2016.
  16. ^ Kosoff, Maya. "A startup that delivers fluffy mattresses in boxes the size of golf bags just raised $55 million from investors like Leonardo DiCaprio and Tobey Maguire". Businessinsider.com. Retrieved 15 June 2016.
  17. ^ "Casper Raises $170 Million in Series C Funding". PR Newswire. PR Newswire. Retrieved 17 July 2017.
  18. ^ "The 10 Largest US Startup Funding Rounds of June 2017". Alley watch. Alley watch. Retrieved 17 July 2017.
  19. ^ "Casper closes $170M Series C". Pitchbook. Pitchbook. Retrieved 20 July 2017.
  20. ^ "This Casper and American Airlines Collab Could Finally Mean a Good In-Flight Sleep". PureWow. Retrieved 2017-10-16.
  21. ^ https://plus.google.com/+travelandleisure/posts. "Casper Is Designing a Full Suite of Sleep Products for American Airlines". Travel + Leisure. Retrieved 2017-10-16.
  22. ^ "All the Amenities Airlines are Offering for Healthier Flights". The New York Times. 2018-04-04. ISSN 0362-4331. Retrieved 2018-04-10.
  23. ^ "Online mattress retailer Casper to open stores in Canada". CTV News. 17 April 2018. Retrieved 20 April 2018.
  24. ^ Newman, Lily Hay. "Casper: A Friendly Mattress Startup Worth Millions". Slate.com. Moneybox. Retrieved 14 May 2015.
  25. ^ Isaac, Mike. "Casper, an Online Mattress Start-Up, Raises $13.1 Million". NYTimes. NY Times. Retrieved 14 May 2015.
  26. ^ Directo-Meston, Danielle. "This Smart Mattress Brand's Dreamy LA Showroom Delivers Better Sleep". Los Angeles Racked. LA Racked. Retrieved 14 May 2015.
  27. ^ Cowley, Stacy. "Casper Hopes Its 'One for All' Concept Translates to One Pillow". The New York Times. Retrieved 15 January 2016.
  28. ^ Tiffany, Kaitlyn (18 August 2016). "Casper's new dog bed is $125 of luxurious foam and nylon". The Verge. Vox Media. Retrieved 11 September 2016.
  29. ^ "Casper just unveiled its first new mattress since its 2014 launch — here's what it's like". Business Insider. Retrieved 2017-09-11.
  30. ^ "Casper Hopes To Make Waves With Its New Mattress". Fast Company. 2017-08-15. Retrieved 2017-09-11.
  31. ^ Perry, David (12 October 2017). "Casper adds third mattress, the Essential, at $600 in queen". Furniture Today. Retrieved 1 March 2018.
  32. ^ Porges, Seth (4 October 2017). "Exclusive: With Its New Budget-Minded 'Essential' Mattress, Casper Takes Aim At The Masses". Forbes. Retrieved 1 March 2018.
  33. ^ Bereznak, Alyssa (2017-09-26). "Can Tech Startups Do Journalism?". The Ringer. Retrieved 2017-09-30.
  34. ^ Marshall, Jack (7 November 2017). "Mattress Company Shutters Web Publication, Pivots to Print". The Wall Street Journal. Retrieved 22 January 2018.
  35. ^ Roberts, Shane (18 April 2018). "Casper Adjustable Bed Frame: You May Never Leave". TheInventory. Retrieved 18 April 2018.
  36. ^ Mowery, Megan. "Casper Launches Travel-Friendly Nap Pillow". AdAge Times. Retrieved 6 June 2018.
  37. ^ Segran, Elizabeth (21 August 2018). "Casper's next frontier: Your entire bedroom". Fast Company. Retrieved 23 August 2018.
  38. ^ Pela, Robrt L. (4 March 2016). "Casper's Nap Tour Is Coming to Phoenix, Which... Okay". Phoenix New Times. Retrieved 1 March 2018.
  39. ^ Gray Painter, Alysia (26 February 2016). "The Nap Tour to Snooze in LA". NBC Los Angeles. Retrieved 1 March 2018.
  40. ^ Ashley O'Brien, Sara (29 June 2016). "West Elm partners with mattress startup Casper". CNNMoney. Retrieved 1 March 2018.
  41. ^ Feldman, Amy (5 September 2017). "With Its New Budget-Minded 'Essential' Mattress, Casper Takes Aim At The Masses". Forbes. Retrieved 1 March 2018.
  42. ^ Gontcharova, Natalie (17 May 2017). "This Target Collaboration Might Just Make Your Dreams Come True". Refinery29. Retrieved 1 March 2018.
  43. ^ Mulvey, Kelsey (7 July 2017). "Casper's new lounger is the dorm room essential every college student is going to want this fall". Business Insider. Retrieved 1 March 2018.
  44. ^ Eldredge, Barbara (1 September 2017). "Casper to open 15 pop-up stores across North America". Curbed. Retrieved 1 March 2018.
  45. ^ William-Ross, Lindsay (22 January 2018). "You can now take a nap in a birdhouse "pod" inside this store". Vancouver is Awesome. Glacier Media. Retrieved 28 January 2018.
  46. ^ Patterson, Craig (22 January 2018). "Casper Partners with Indigo to Expand Canadian Brick-and-Mortar Presence". Retail Insider. Retrieved 1 March 2018.
  47. ^ Bhattarai, Abha (27 February 2018). "Mattress start-up Casper is opening its first store — with complimentary naps". Washington Post. Retrieved 1 March 2018.
  48. ^ Shaw, Hollie (17 April 2018). "Bed-in-a-box maker Casper to bring retail stores, manufacturing to Canada". Financial Post. Retrieved 20 April 2018.
  49. ^ Griggs, Frank (8 June 2018). "Try a Casper Mattress at Hudson's Bay and Home Outfitters". The Point: The Official Blog of Hudson's Bay. Hudson's Bay Company. Retrieved 7 July 2018.
  50. ^ Wolf, Jaine (11 July 2018). "You Can Pay to Nap at This Mattress Company's New Store". Time. Retrieved 11 July 2018.
  51. ^ Battle, Marquaysa (13 July 2018). "Important Sleep News: Casper Mattresses Are Now Available at Nordstrom". Us Weekly. Retrieved 13 July 2018.

External links[edit]