Casper Raises $170 Million, May File IPO
Fast-growing online mattress retailer Casper is set to announce today that it has raised $170 million and is planning an initial public offering at some point in the future, according to the The New York Times. The report said Casper's $170 million funding was led by Target, which earlier this year began selling Casper mattresses, pillows and sheets in its stores and on its website. In taking the money — and forging a tighter relationship with one of the country's biggest retailers — Casper hopes to boost its resources and recognition in the industry. The Times story also said Casper is aiming for an initial public offering “down the road.” The story quoted Casper CEO Philip Krim, who said the retailer more than doubled its sales last year, “though he declined to discuss whether it is profitable."
Total Retail's Take: This is exciting news for Casper, which was featured as a game changer in Total Retail's cover story of the same name. Casper is the latest online-native company to catch a traditional retailer's eye. After all, the investment by Target will be announced just days after Wal-Mart struck a deal to acquire Bonobos, the internet-based men's clothier.