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 and Los Angeles and mattresses are manufactured in both Georgia and Pennsylvania.
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History
Casper launched in April 2014 by Philip Krim (previously of The Merrick Group, angelbeds.com, tranquilitymattress.com and SleepBetterStore.com), Neil Parikh, T. Luke Sherwin, Jeff Chapin (previously of R&D at IDEO mattress company), and Gabriel Flateman.
In January 2014, the company raised $1.85 million 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.
On April 22, 2014, Casper officially launched, selling $1 million worth of product in the first 28 days. In August 2014, an additional $13.1 million was received in Series A funding, including investments from New Enterprise Associates, 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.
In November 2014, Casper expanded its delivery from the contiguous United States to include Canada.
Led by Institutional Venture Partners, the company raised $55 million Series B venture funding in June 2015. The Series B funding included participation from celebrity investors: Tobey Maguire, Leonardo DiCaprio, Scooter Braun, Adam Levine, and Pritzker Group Venture Capital.
Led by Target Corporation, the company raised $170 Million in Series C Funding in June 2017. The Series C funding included participation from Tresalia, Institutional Venture Partners, Norwest Venture Partners, Lerer Hippeau Ventures, New Enterprise Associates, and Irving Investors In September 2017, Casper collaborated with American Airlines to provide a full suite of sleep products.
In April 2018, Casper Sleep partnered with American Airlines to design pillows, blankets and other products for the airline's passengers. 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.
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Products
Casper mattresses consist of four types of foam, memory foam, and polyurethane support foam. 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.
In November 2015, the company expanded their product offering to include pillows and sheets.
In August 2016, Casper introduced their fourth product, a dog mattress.
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.
A third budget-focused mattress was introduced in October 2017, The Essential. Compared to the original mattress, the essential only has three layers of foam, is thinner, and the cover is non-removable.
Casper published Van Winkle's, a news website focusing on sleep until November 2018. After the shutdown of Van Winkle's, Casper announced a quarterly lifestyle magazine, Woolly.
Delivery
Casper mattresses are compressed to fit into a condensed 21" by 21" by 41" box for portability. The mattresses decompress after unboxing. In August 2014, Casper teamed up with Uber to deliver mattresses to New York City customers.
Casper uses Flexe for distribution and fulfillment.
Retail presence
Prior to partnering with retailers, Casper operated trailers, as part of their "nap tour". Each trailer contained four Casper mattresses, which were parked in major cities in the United States and Canada, allowing people to try the mattress.
In June 2016, Casper began selling their mattresses at West Elm stores in the United States and Canada. However, the partnership ended in October 2017, with Leesa replacing Casper.
In May 2017, Casper began selling their pillows and bedding at Target stores. Casper mattresses are also available on Target's website. Some Target-exclusive products also resulted from the partnership, such as a lounger.
In September 2017, 15 pop-up stores were opened across North America, following the Casper Wave launch.
In January 2018, Casper opened temporary nap pods inside of seven Indigo Books and Music locations in Canada. The mattresses are not sold in-store; however, some Indigo locations stock Casper pillows.
In February 2018, Casper's first permanent store opened in New York City.
In April 2018, Caper announced that they would be opening stores in four Canadian provinces over twelve months, beginning with two Toronto locations in spring 2018.
References
External links
- Official website
Source of the article : Wikipedia
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