- Casper played a large role in popularizing the DTC model. As a private company, it was valued at $1B, though its debut early last year put its market cap at $575M.
- The company reported a loss of $25.3M for the third quarter.
- Its losses totaled $80M for the first nine months of this year, up from $75M YoY. The costs of goods jumped 38% from a year ago compared with a 26% jump in revenue.
- Casper has opened its own fleet of stores, which drove an increase in sales. Still, it has booked losses every quarter since 2018.
- The mattress market saturated quickly after Casper’s innovation. Competitors such as Purple Innovation and Nectar Sleep drove up the cost of customer acquisition, while even Amazon has begun making its own mattresses.
Did anyone make money on this?
- NEA was Casper’s biggest early supporter. Between leading its 2014 Series A and buying stakes during its IPO, it plowed about $66M into the business. Its stake, which NEA still holds based on the most recent SEC filings, is now valued at about $43M.
- IVP led Casper’s 2015 Series B investment and invested a total of $46.5M by participating in later rounds. Its stake is now worth $25M.
- Lerer Hippeau led Casper’s nearly $1.9M seed round and also participated in later rounds. It pumped a total of $6M into the company. Its stake is now worth about $9M, meaning that it actually managed to make a profit on the gambit.