Casper, a sleep startup that launched with a mattress, has closed a $55 million Series B investment round. The new investment was led by Institutional Venture Partners (IVP), and includes Leonardo DiCaprio, Tobey Maguire, Adam Levine, Scooter Braun, and Pritzker Group Venture Capital. Existing investors, including New Enterprise Associates (NEA), Lerer Hippeau Ventures, Norwest Venture Partners, Vaizra Investments, SV Angel, Slow Ventures, and Queensbridge Ventures, also participated in the round. In June 2014, Casper announced $13.1 million in Series A funding led by NEA, bringing its total funding to $69.95 million.
Casper is one of the fastest growing consumer brands of all time, launching in April 2014 and earning $1 million in revenue in its first 28 days. The company quickly struck a chord with consumers in a category that it says has stagnated for decades, and pegs its current run rate at around $100 million.
Casper’s first product, its eponymous mattress, has won numerous design awards. Consumer Reports said that “Casper has a winner in this memory- and latex-foam mattress, which scored impressively across the board.” The critically acclaimed bed was designed and engineered in-house by former IDEO inventors. Its patent-pending sleep surface is made in America and unites memory and latex foams to sleep cool and provide perfect support. It ships free via UPS or bike messenger in a mini fridge-sized box, and is backed by a 100-day in-home trial period and 10-year warranty.
The new investment will provide the company with the resources to further its innovation arm, Casper Labs, and engineer, test, and launch new products on a faster timeline.
The current board of directors consists of Casper CEO and co-founder Philip Krim, Casper COO and co-founder Neil Parikh, Tony Florence (NEA), and Ben Lerer (Lerer Hippeau Ventures). Dennis Phelps (IVP) joins as a board observer.