UPDATED: Online mattress retailer Casper has successfully found underwriters for its initial public offering and plans to follow through with the IPO, thanks to a new funding round that sends its valuation over one billion.
Originally reported by Reuters Tuesday night and confirmed by Bloomberg Wednesday afternoon, the events make the startup the 12th US based unicorn in a hot year for unicorn startups. It’s valuation is now at $1.1 billion, thanks to a $100 million funding round backed by mass retailer Target Corp., New Enterprise Associates, Norwest Venture Partners, Canada Goose CEO Dani Reiss and Ex-Crate and Barrel exec Gordon Segal. Reiss will join the Casper board as part of the funding deal.
The company was already on the brink of entering the billion dollar club when it was valued at $920 million in its last fundraising round in 2017. It is one of a growing roster of sleep-oriented online startups attracting investor attention, such as Simba Sleep, Leesa and Purple.
Four year old Casper (or Casper Sleep) has numerous celebrity investors, including actors Ashton Kutcher, Leonardo DiCaprio, Tobey McGuire, Kevin Spacey, musicians Nas, Curtis “50 Cent” Jackson, Maroon 5 singer Adam Levine, entertainment executive Scooter Braun, NBA athlete Kyrie Erving and fashion designer Steven Alan.
Casper says it will use the new funds to expand its international products and launch new physical stores.