Casper Secures $75 Million

Consumer startup Casper just closed $75 million in financing. Four investors contributed to the round: Target, Lerer Hippeau Ventures, IVP, and New Enterprise Associates.

Casper is a new type of bedding company that claims its mattress, sheets, and pillows are engineered to create the world’s best sleep environment. According to company lore, it spent nine months visiting 15 factories to test and understand the properties of more than 100 foam samples before designing the original Casper mattress, which combines pressure-relieving memory foam with a springy comfort layer.

In its announcement, the company said the cash infusion provides the funds to continue to expand into new products and invest in marketing as it broadens its product line and works to break away from competitors like Leesa and Tuft & Needle.