Casper, the company looking to reinvent the way mattresses are made and sold, has closed a $13.1 million Series A round led by New Enterprise Associates, bringing its total funding to $15 million.
Not unlike other up-and-coming ecommerce startups, Casper looks to cut out the commission-based middle man and sell well-made mattresses at a much lower cost.
The idea came to the team when they were in a tech co-working space and heard so many of their peers discussing their lack of sleep, whether it was because of hackathons or simply all-nighters spent coding. But sleep is one of the most important factors when it comes to our health.
Casper builds mattresses by layering latex foam on top of memory foam, tapping the advantages of both materials. This also allows the Casper mattress to be compressed and packaged in a ridiculously small box. Oh, and shipping is free.
Everything is manufactured right here in the United States.
“We created Casper to be a transparent mattress brand,” said Philip Krim, Casper CEO. “Casper is honest about prices, doesn’t create additional SKUs to confuse customers, and doesn’t hide its business practices.”
Not only is Casper selling at a generally lower price point for the level of quality, but they are working on building up the customer service experience around buying a mattress, offering a 100-day free trial for customers.
Casper doesn’t share complete figures on revenue, but the company says it did $1 million in revenue in the first 28 days, and has grown month-over-month since April.
The company has also appointed current investor Ben Lerer to the Board of Directors.
In the future, Casper plans to look at other sleep-related products like pillow tops, pillows, alarm clocks, etc.
“If it’s in the bedroom, someone has asked us to make it,” said Krim. “This new round of funding allows us to explore new opportunities with the same innovation, engineering, and testing that allowed us to develop our mattress.”
You can learn more about Casper here.