With a $1.1 billion valuation and a growing share of the U.S. mattress market, Casper could be poised to be the latest company to go public this year.
Launched in 2014, Casper offers a custom multilayer foam mattress that is shipped in a box to consumers nationwide. The mattresses start at $350 and run as high as $2,750, with a free 100-day trial. The company’s financials showed revenue for 2018 at $373 million — with more than $100 million in the third quarter — and a 49 percent year-over-year increase. Casper is now valued at $1.1 billion.
The company’s investors include such notable personalities as Ashton Kutcher, Carmelo Anthony, 50 Cent, Adam Levine, and Leonardo DiCaprio. Kylie Jenner has promoted the brand on Instagram, nearly crashing the company’s website as a result.
It has been estimated that the global mattress industry could more than double in the next five years to as much as $39 billion. But Casper wants to move beyond mattresses to include sheets and bed frames, and recently launched a bedside light called the Casper Glow lamp.
Ben Lerer, managing partner at Lerer Hippeau and an early investor in Casper, wrote in an email to CNBC, “As the company continues to scale, I see significant possibilities for Casper to reach customers everywhere in the U.S. and across the globe.”
“The Casper team is incredibly savvy in how they spread the word — using traditional routes like brick-and-mortar stores, mailers and TV ads, along with more digitally native channels — as a way to reach every type of potential Casper owner,” he added.
Casper’s investors could make millions as the company is reportedly speaking to underwriters for its initial public offering (IPO). While Casper CEO Philip Krim has been mum on the company’s plan for an IPO in 2019, he did recently tell CNBC that he was excited to see the market performing well.