Direct-to-consumer mattress business Casper has secured a $100 million Series D investment from existing investors Target, NEA and Norwest Venture Partners.
The fresh infusion of capital values Casper at $1.1 billion, Bloomberg reports. We’ve reached out to Casper to confirm the numbers.
Casper posted $373 million in net revenue in 2018, according to leaked financials published by The Information this week. The company, of course, isn’t profitable, with losses reaching $64 million last year. According to its projections, Casper will become profitable on an EBITDA basis in 2019 and is expecting revenues of $556 million this year.
Casper has previously raised $240 million in equity funding from celebrity investors Leonardo DiCaprio and 50 Cent, as well as institutional investors Lerer Hippeau and IVP.
Founded in 2014, the New York business will use the latest investment to expand overseas and open additional brick-and-mortar stores. Competing with other well-funded startups in the business of sleep, like the publicly traded Purple and the VC-backed Leesa Sleep, Casper has taken to physical retail to augment its following. The company opened its first store in New York City in 2018 and has detailed additional plans to open another 200 stores.
An initial public offering is likely the next step for the sleep products retailer, which sells pillows and an $89 sleep-friendly light, in addition to mattresses. Per a recent Reuters report, Casper is in the process of hiring underwriters for its IPO.