Company:Casper Sleep

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Short description: American mattress company
Casper Sleep Inc.
TypePublic
NYSE: CSPR
Russell 2000 Index component
IndustryMattresses
FoundedApril 22, 2014; 10 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) [1]
Increase -$88.746 million (2019)[1]
Decrease -$93.04 million (2019)[1]
Total assetsIncrease $230 million (2019)[1]
Total equityDecrease -$307.094 million (2019)[1]
Websitecasper.com

Casper Sleep (also known as Casper) is a public e-commerce company that sells sleep products online and in retail locations. Headquartered in New York City , the company has showrooms in New York City, Chicago , and elsewhere. Its mattresses are manufactured in Georgia, and Pennsylvania.[2][3][4]

History

Casper was launched in April 2014[5] by Philip Krim (previously of The Merrick Group, angelbeds.com, tranquilitymattress.com and SleepBetterStore.com),[6] Neil Parikh, T. Luke Sherwin, Jeff Chapin (previously of IDEO), and Gabriel Flateman.[7][8][9]

In January 2014, the company raised $1.85 million[10] 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.[11]

On April 22, 2014, Casper officially launched, selling $1 million worth of products in the first 28 days.[12] In August 2014, an additional $13.1 million was received in Series A funding, including investments from New Enterprise Associates,[13] 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.[14][15][16]

In November 2014, Casper expanded its delivery from the contiguous United States to include Canada .[3]

Led by Institutional Venture Partners, the company raised $55 million Series B venture funding in June 2015.[17] The Series B funding included participation from celebrity investors: Tobey Maguire, Leonardo DiCaprio, Scooter Braun, Adam Levine, and Pritzker Group Venture Capital.[18][19]

Led by Target Corporation, the company raised $170 million in Series C funding in June 2017.[20] The Series C funding included participation from Tresalia, Institutional Venture Partners, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates, and Irving Investors.[21][22] In September 2017, Casper collaborated with American Airlines to provide a full suite of sleep products.[23][24]

In April 2018, Casper Sleep partnered with American Airlines to design pillows, blankets and other products for the airline's passengers.[25] 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.[26]

In early 2019 Casper Sleep received a $100 million Series D funding from its existing investors Target, NEA, IVP, and Norwest Venture Partners, as well as new sponsors Dani Reiss of the Canada Goose Holdings and Gordon Segal of Crate & Barrel.[19][27] Dani Reiss also entered the startup's new independent board directors along with Karen Katz (board member of Under Armour and former CEO of Neiman Marcus Group).[27] With the new round of funding, the company was valued at $1.1 billion, according to Bloomberg and Casper Sleep.[19]

On January 10, 2020, Casper Sleep Inc filed an S-1 with the U.S. Securities and Exchange Commission declaring their intention to IPO under the ticker CSPR.[28]

On February 6, 2020 it went public at $12 per share, translating to a market value of $476 million, listing on NYSE under the ticker CSPR.[29]

On March 31, 2020, its stock dropped to $4.12 per share, translating to a market value of $163 million, down from its $1.1 billion valuation in March, 2019.[30]

In April 2020, Casper announced the winding down of its European operations and laid off 21% of its staff (78 people) after a poor IPO performance and declining revenues due to the 2019–20 coronavirus pandemic. [31][32] Additionally, the company announced that Greg Macfarlane, Casper’s CFO and COO, would depart the company in May.[33]

Products

Casper mattresses consist of four types of foam, memory foam, and polyurethane support foam.[34] Casper mattresses were previously only sold online but in 2019, they began launching retail locations after piloting successful pop-up shops in large cities like New York and Los Angeles. Each mattress is sold with a 100-day return policy. Returned mattresses have been donated.[35][36]

In November 2015, the company expanded their product offering to include pillows and mattress/bed sheets.[37]

In August 2016, Casper introduced their fourth product, a dog mattress.[38]

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.[39][40] A third budget-focused mattress was introduced in October 2017, The Essential.[41] Compared to the original mattress, the essential only has three layers of foam, is thinner, and the cover is non-removable.[42]

Casper published Van Winkle's, a news website focusing on sleep until November 2018.[43] After the shutdown of Van Winkle's, Casper announced a quarterly lifestyle magazine, Woolly.[44] In April 2018, Casper introduced an adjustable bed frame.[45] In June 2018, the company has added to its (one-pillow) pillow line with a new product: the Nap Pillow.[46] In August 2018, Casper refreshed their bedding line with new sheets, along with releasing a nightstand table and bed frame.[47]

In early 2019, Casper launched the Casper Glow lamp, an wireless bedside reading light. It responds to gestures, such as a gentle shake to activate flashlight mode. Early reviewers praised the quality but decried the high price of $89 ($129 in 2021) per light and charger set as excessive.[48]

Retail presence

Prior to partnering with retailers, Casper operated trailers, as part of their "nap tour".[49] Each trailer contained four Casper mattresses, which were parked in major cities in the United States and Canada, allowing people to try the mattress.[50]

In June 2016, Casper began selling their mattresses at West Elm stores in the United States and Canada.[51] However, the partnership ended in October 2017, with Leesa replacing Casper.[52]

In May 2017, Casper began selling their pillows and bedding at Target stores.[53] Casper mattresses are also available on Target's website. Some Target-exclusive products also resulted from the partnership, such as a lounger.[54] In September 2017, 15 pop-up stores were opened across North America, following the Casper Wave launch.[55]

In January 2018, Casper opened temporary nap pods inside of seven Indigo Books and Music locations in Canada.[56] The mattresses are not sold in-store; however, some Indigo locations stock Casper pillows.[57] In February 2018, Casper's first permanent store opened in New York City.[58][19][59] 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.[60] 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.[61]

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.[62] On July 13, 2018, Casper announced they are now available to try and purchase at Nordstrom.[63]

Controversies

In April 2016, Casper sued three mattress review websites which had written negative reviews of Casper products.[64] According to the lawsuits, the websites steered potential customers of Casper products to competing mattress companies, which Casper claimed is a deceptive advertising practice. The lawsuit against one of the review websites, Sleepopolis, was resolved after Casper financed its acquisition.[65]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Casper Sleep Inc. Form 10K". United States Securities and Exchange Commission. March 19, 2020. https://www.sec.gov/Archives/edgar/data/1598674/000104746920001618/a2241047z10-k.htm. 
  2. ↑ "Company Overview of Casper Sleep Inc.". Bloomberg Business. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=254955361. Retrieved 14 May 2015. 
  3. ↑ 3.0 3.1 Hardy, Ian. "Casper, The "Outrageously Comfortable" Mattress, is now Available to Canadians". Betakit. http://betakit.com/casper-the-outrageously-comfortable-mattress-is-now-available-to-canadians/. Retrieved 14 May 2015. 
  4. ↑ Casper Store Locator https://stores.casper.com/?q=10036
  5. ↑ Griffith, Erin; Primack, Dan (29 May 2015). "Exclusive: Mattress startup Casper raising big new funding round". Fortune. http://fortune.com/2015/05/29/exclusive-mattress-startup-casper-raising-big-new-funding-round/. 
  6. ↑ Business Spotlight: Better sleep, one mattress at a time - Jewish Herald-Voice, 18 Feb 2010
  7. ↑ Weber, Harrison. "A startup for your mattress: Casper raises $1.6M to reinvent sleep". Venture Beat. https://venturebeat.com/2014/02/25/boo-casper-raises-1-6m-to-reinvent-the-modern-mattress/. Retrieved 14 May 2015. 
  8. ↑ Mochari, Ilan. "How This Mattress Startup Made $20 Million in 10 Months". Inc.com. http://www.inc.com/ilan-mochari/2015-30-under-30-casper.html. 
  9. ↑ Wadler, Joyce. "More Than a Place to Rest". NY Times. https://www.nytimes.com/2010/02/11/garden/11vegas.html?_r=1. Retrieved 14 May 2015. 
  10. ↑ Weiss, Geoff. "This Startup Aims to Be the Tesla of Mattresses". Entrepreneur. http://www.entrepreneur.com/article/233309. Retrieved 14 May 2015. 
  11. ↑ Primack, Dan. "Deals of the day: Shape Security raises $40 million". Fortune. http://fortune.com/2014/02/25/deals-of-the-day-shape-security-raises-40-million/. Retrieved 14 May 2015. 
  12. ↑ Ha, Anthony. "Casper Raises $1.6M To Offer A New Approach To Building And Selling Mattresses". Tech Crunch. https://techcrunch.com/2014/02/25/casper-seed-funding/. Retrieved 14 May 2015. 
  13. ↑ Fiegerman, Seth (7 August 2014). "Casper Raises $13 Million to Help You Sleep Better at Night". Mashable. http://mashable.com/2014/08/07/casper-sleep/#g11wXvJgsgqf. 
  14. ↑ Pasquarelli, Adrianne. "Ashton Kutcher puts millions into mattress startup". Crain's. http://www.crainsnewyork.com/article/20140807/TECHNOLOGY/140809900/ashton-kutcher-puts-millions-into-mattress-startup. Retrieved 14 May 2015. 
  15. ↑ Fischer, Ben. "Sleep startup Casper stands out in early days, investors say". New York Business Journal. http://www.bizjournals.com/newyork/blog/techflash/2014/08/sleep-startup-casper-stands-out-in-early-days.html?page=all. Retrieved 14 May 2015. 
  16. ↑ Kolodny, Lora. "Casper Sleep Raises $13.1M From Celebs and VCs to Make a Better Bed". The Wall Street Journal. https://blogs.wsj.com/venturecapital/2014/08/07/casper-sleep-raises-13-1m-from-celebs-and-vcs-to-make-a-better-bed/. Retrieved 14 May 2015. 
  17. ↑ Kolodny, Lora. "Casper Raises $50 Million to Expand Its Mattress Business". https://blogs.wsj.com/venturecapital/2015/06/22/casper-raises-55-million-to-expand-its-mattress-business/. Retrieved 15 June 2016. 
  18. ↑ 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". http://www.businessinsider.com/mattress-startup-casper-raises-55-million-2015-6. Retrieved 15 June 2016. 
  19. ↑ 19.0 19.1 19.2 19.3 "Mattress startup Casper valued at $1.1B with new funding" (in en-US). http://social.techcrunch.com/2019/03/27/mattress-startup-casper-said-to-be-valued-at-1-1b-with-new-funding/. 
  20. ↑ "Casper Raises $170 Million in Series C Funding". PR Newswire. http://www.prnewswire.com/news-releases/casper-raises-170-million-in-series-c-funding-300475664.html. Retrieved 17 July 2017. 
  21. ↑ "The 10 Largest US Startup Funding Rounds of June 2017". Alley watch. https://www.alleywatch.com/2017/07/10-largest-us-startup-funding-rounds-june-2017/9/. Retrieved 17 July 2017. 
  22. ↑ "Casper closes $170M Series C". Pitchbook. https://pitchbook.com/newsletter/casper-closes-170m-series-c. Retrieved 20 July 2017. 
  23. ↑ "This Casper and American Airlines Collab Could Finally Mean a Good In-Flight Sleep" (in en-US). PureWow. https://www.purewow.com/news/casper-and-american-airlines-sleep-products. 
  24. ↑ "Casper Is Designing a Full Suite of Sleep Products for American Airlines" (in en). Travel + Leisure. http://www.travelandleisure.com/airlines-airports/american-airlines-casper. 
  25. ↑ "All the Amenities Airlines are Offering for Healthier Flights" (in en-US). The New York Times. 2018-04-04. ISSN 0362-4331. https://www.nytimes.com/2018/04/04/travel/wellness-healthy-flights-airlines.html. 
  26. ↑ "Online mattress retailer Casper to open stores in Canada". CTV News. 17 April 2018. https://www.ctvnews.ca/business/online-mattress-retailer-casper-to-open-stores-in-canada-1.3888686. 
  27. ↑ 27.0 27.1 "Mattress Startup Casper Joins the Unicorn Club With Latest Funding" (in en). 2019-04-13. https://www.bloomberg.com/news/articles/2019-03-27/mattress-startup-casper-joins-the-unicorn-club-with-new-funding. 
  28. ↑ "Casper S-1 Filing Prospectus". SEC. https://sec.report/Document/0001047469-20-000166/. Retrieved 16 January 2020. 
  29. ↑ Casper low valuation Forbes, 2020/02/06
  30. ↑ Business Insider
  31. ↑ Mascarenhas, Natasha (2020-04-21). "Casper winds down European operations and lays off 78 people" (in en-US). https://social.techcrunch.com/2020/04/21/casper-winds-down-european-operations-and-lays-off-78-people/. 
  32. ↑ Wilhelm, Alex (2020-02-05). "In a gloomy portent for 2020 debuts, Casper lowers its IPO price range" (in en-US). https://social.techcrunch.com/2020/02/05/casper-lowers-its-ipo-price-range-a-gloomy-portent-for-2020-debuts/. 
  33. ↑ Segran, Elizabeth (2020-04-21). "Breaking: Casper lays off 78 corporate employees, winds down Europe business" (in en-US). https://www.fastcompany.com/90494129/breaking-casper-lays-off-78-corporate-employees-winds-down-europe-business. 
  34. ↑ Newman, Lily Hay. "Casper: A Friendly Mattress Startup Worth Millions". Moneybox. http://www.slate.com/blogs/moneybox/2014/08/07/foam_mattress_startup_casper_has_one_density_option_and_delivers_in_a_box.html. Retrieved 14 May 2015. 
  35. ↑ Isaac, Mike. "Casper, an Online Mattress Start-Up, Raises $13.1 Million". NY Times. http://bits.blogs.nytimes.com/2014/08/07/casper-an-online-mattress-sales-start-up-raises-13-1-million/. Retrieved 14 May 2015. 
  36. ↑ Directo-Meston, Danielle. "This Smart Mattress Brand's Dreamy LA Showroom Delivers Better Sleep". LA Racked. http://la.racked.com/2015/2/27/8119789/casper-mattress-showroom-hollywood-hills. Retrieved 14 May 2015. 
  37. ↑ Cowley, Stacy. "Casper Hopes Its 'One for All' Concept Translates to One Pillow". The New York Times. https://www.nytimes.com/2015/11/17/business/smallbusiness/casper-hopes-its-one-for-all-concept-translates-to-one-pillow.html?_r=1. Retrieved 15 January 2016. 
  38. ↑ Tiffany, Kaitlyn (18 August 2016). "Casper's new dog bed is $125 of luxurious foam and nylon". The Verge (Vox Media). https://www.theverge.com/2016/8/18/12535760/casper-dog-bed-mattress-price-why. Retrieved 11 September 2016. 
  39. ↑ "Casper just unveiled its first new mattress since its 2014 launch — here's what it's like" (in en). Business Insider. http://www.businessinsider.com/casper-wave-luxury-mattress-photos-2017-8/. 
  40. ↑ "Casper Hopes To Make Waves With Its New Mattress" (in en-US). Fast Company. 2017-08-15. https://www.fastcompany.com/40452351/casper-hopes-to-make-waves-with-its-new-mattress. 
  41. ↑ Perry, David (12 October 2017). "Casper adds third mattress, the Essential, at $600 in queen". Furniture Today. http://www.furnituretoday.com/article/547171-casper-adds-third-mattress-essential-600-queen/. 
  42. ↑ Porges, Seth (4 October 2017). "Exclusive: With Its New Budget-Minded 'Essential' Mattress, Casper Takes Aim At The Masses". Forbes. https://www.forbes.com/sites/sethporges/2017/10/04/exclusive-with-its-new-budget-minded-essential-mattress-casper-takes-aim-at-the-masses/#1bc54cc15d2a. 
  43. ↑ Bereznak, Alyssa (2017-09-26). "Can Tech Startups Do Journalism?". The Ringer. https://www.theringer.com/2017/9/26/16364548/casper-snapchat-airbnb-startup-publications. Retrieved 2017-09-30. 
  44. ↑ Marshall, Jack (7 November 2017). "Mattress Company Shutters Web Publication, Pivots to Print". The Wall Street Journal. https://www.wsj.com/articles/mattress-company-shutters-web-publication-pivots-to-print-1510057802. 
  45. ↑ Roberts, Shane (18 April 2018). "Casper Adjustable Bed Frame: You May Never Leave". https://theinventory.com/casper-adjustable-bed-frame-you-may-never-leave-1825327550. Retrieved 18 April 2018. 
  46. ↑ Mowery, Megan. "Casper Launches Travel-Friendly Nap Pillow". AdAge Times. http://adage.com/article/digital/casper-launches-travel-friendly-nap-pillow/313757/. Retrieved 6 June 2018. 
  47. ↑ Segran, Elizabeth (21 August 2018). "Casper’s next frontier: Your entire bedroom". Fast Company. https://www.fastcompany.com/90220270/caspers-next-frontier-your-entire-bedroom. 
  48. ↑ Leswig, Kif. "Casper's first tech gadget produces some of the warmest, nicest light you'd ever want in your bedroom — but it's way too expensive". Tech Insider (a Business Insider publication). https://www.businessinsider.com/casper-glow-light-review-2019-2. Retrieved 10 February 2019. 
  49. ↑ Pela, Robrt L. (4 March 2016). "Casper's Nap Tour Is Coming to Phoenix, Which... Okay". Phoenix New Times. http://www.phoenixnewtimes.com/arts/caspers-nap-tour-is-coming-to-phoenix-which-okay-8107017. 
  50. ↑ Gray Painter, Alysia (26 February 2016). "The Nap Tour to Snooze in LA". NBC Los Angeles. https://www.nbclosangeles.com/entertainment/the-scene/The-Nap-Tour-to-Snooze-in-LA-369997771.html. 
  51. ↑ Ashley O'Brien, Sara (29 June 2016). "West Elm partners with mattress startup Casper". CNNMoney. https://money.cnn.com/2016/06/29/technology/casper-west-elm/index.html. 
  52. ↑ Feldman, Amy (5 September 2017). "With Its New Budget-Minded 'Essential' Mattress, Casper Takes Aim At The Masses". Forbes. https://www.forbes.com/sites/amyfeldman/2017/09/05/mattress-disruption-leesa-sleep-replaces-casper-in-west-elms-stores-as-it-builds-out-its-brand/1#f0a7fcb1cd2. 
  53. ↑ Gontcharova, Natalie (17 May 2017). "This Target Collaboration Might Just Make Your Dreams Come True". Refinery29. http://www.refinery29.com/2017/05/154963/target-casper-mattress-collaboration. 
  54. ↑ 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. http://www.businessinsider.com/casper-lounger-2017-7. 
  55. ↑ Eldredge, Barbara (1 September 2017). "Casper to open 15 pop-up stores across North America". Curbed. https://www.curbed.com/2017/9/1/16239378/casper-mattress-try-in-store-pop-ups-open. 
  56. ↑ William-Ross, Lindsay (22 January 2018). "You can now take a nap in a birdhouse "pod" inside this store". Vancouver is Awesome (Glacier Media). http://www.vancouverisawesome.com/2018/01/22/nap-pods-indigo-granville/. 
  57. ↑ Patterson, Craig (22 January 2018). "Casper Partners with Indigo to Expand Canadian Brick-and-Mortar Presence". https://www.retail-insider.com/retail-insider/2018/1/casper-indigo. 
  58. ↑ Bhattarai, Abha (27 February 2018). "Mattress start-up Casper is opening its first store — with complimentary naps". The Washington Post. https://www.washingtonpost.com/news/business/wp/2018/02/27/mattress-start-up-casper-is-opening-its-first-store-complete-with-nap-pods/. 
  59. ↑ "Casper opens a storefront for $25 naps" (in en-US). http://social.techcrunch.com/2018/07/11/casper-dreamery/. 
  60. ↑ Shaw, Hollie (17 April 2018). "Bed-in-a-box maker Casper to bring retail stores, manufacturing to Canada". Financial Post. http://business.financialpost.com/news/retail-marketing/bed-in-a-box-maker-casper-to-bring-retail-stores-manufacturing-to-canada. 
  61. ↑ Griggs, Frank (8 June 2018). "Try a Casper Mattress at Hudson’s Bay and Home Outfitters". Hudson's Bay Company. https://thepoint.hbc.com/index.php/2018/06/08/casper-mattress-at-hudsons-bay-and-home-outfitters/. 
  62. ↑ Wolf, Jaine (11 July 2018). "You Can Pay to Nap at This Mattress Company's New Store". Time (magazine). http://time.com/5336200/mattress-casper-daytime-nap-new-york/. 
  63. ↑ Battle, Marquaysa (13 July 2018). "Important Sleep News: Casper Mattresses Are Now Available at Nordstrom". Us Weekly. https://www.usmagazine.com/shop-with-us/news/casper-mattress-nordstrom/. 
  64. ↑ Del Rey, Jason (23 September 2017). "Casper went to war with a popular mattress reviews site — then financed its takeover". Recode. https://www.recode.net/2017/9/23/13153814/casper-sleepopolis-lawsuits-mattress-reviews. 
  65. ↑ McKay, Tom (24 September 2017). "Mattress Startup Casper Sued a Mattress Review Site, Then Paid for Its Acquisition". https://gizmodo.com/mattress-startup-casper-sued-a-mattress-review-site-th-1818703265. 

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