One of my favorite parts of the new tech economy is “startups” getting millions of dollars for promising to “disrupt” an industry using a business model that has basically remained unchanged for a thousand years. One such business is Casper Sleep Inc, which specializes in… wait for it… mattress delivery. This is such a hot, new, disruptive business model utilizing customer-facing solutions that it’s attracting the kind of crowd you might expect at a surprise celebrity DJ set at Coachella. Its latest round of investors includes Adam Levine and two of the founding members of the pussy posse.
Institutional Venture Partners led Casper’s Series B round, joined by Scooter Braun, the Pritzker Family and celebrity investors including Leonardo DiCaprio, Tobey Maguire and Adam Levine, of Maroon 5 and the TV show “The Voice.”
This already sounds like a Stephon pitch. “New York’s hottest night club has mattresses, Leonardo DiCaprio, Spider-man, and a toilet filled with Adam Levine’s chest hair.” (That’s Scooter Braun’s nickname, by the way).
Online mattress retailer Casper Sleep Inc. has raised $55 million in Series B venture funding, according to a regulatory filing.
The New York-based company has a post-money valuation of $555 million, according to a person familiar with the matter, for the business of selling its own brand of mattresses directly to consumers.
$55 MILLION DOLLARS. FOR A COMPANY THAT SELLS MATTRESSES. Where’s the money going? To buy more foam?
Philip Krim, co-founder and chief executive of Casper, said the company now aims to become “the global brand that’s about the best of everything when it comes to sleep,” not just mattresses on demand. [Wall Street Journal]
“Bro… you have no idea,” Krim said of his business plans after looking up from a giant pile of cocaine. “We’re not gonna be just, like, a mattress company. That’s yesterday. I’m all about tomorrow now. Looking forward. Going bigger. Stronger. Faster. We’re gonna be, like EVERYTHING WHEN IT COMES TO SLEEP! Haha, yeah! Like, think… pillows, sheets, throws, duvets… dust skirts… bed frames… f*ckin… dream catchers… uh, bed frames… f*ckin… racecar beds for dogs and sh*t… bro, this is gonna disrupt and reinvent the very act of resting.”
Casper reportedly got its start delivering memory foam and latex beds around New York via bicycle. And I’d think if anyone knows about latex beds, it’s Adam Levine. I don’t even want to watch that guy on TV without a condom on.