Casper Sleep

The company was incorporated in Delaware on October 24, 2013, as Providence Mattress Company and changed its name to Casper Sleep Inc. on January 10, 2014.⁠[1]

Casper had five co-founders: chief executive Philip Krim, who had earlier sold about 40,000 beds through an e-commerce company he started in his University of Texas dorm room; product lead Jeff Chapin, who had spent 10 years at the design firm IDEO; and Neil Parikh (vice president of operations), Luke Sherwin (creative director) and Gabe Flateman, who had attended Brown UniversityBrown UniversityBrown University is a private nonprofit research university in Providence, Rhode Island, and a member of the Ivy League. Chartered by Rhode Island's colonial legislature in 1764, it is known for its undergraduate Open Curriculum, which has no common required core. Christina H. Paxson, president since July 2012, announced on August 3, 2026, that the 2026–27 academic year would be her last in office. As of October 1, 2026, the search for Brown's 20th president remained underway.Open the full entry and co-founded a startup called Consignd. In February 2014 Casper announced a $1.6 million seed round led by Lerer Ventures, with Norwest Venture Partners among the other investors. The company planned to sell a single mattress design in several sizes directly to consumers through its website, with a 40-day return policy.⁠[2]

Brown University’s entrepreneurship center lists Parikh (class of 2011) and Sherwin and Flateman (both class of 2012) as Casper founders and gives 2014 as the founding year.⁠[3]

On April 22, 2014, Casper launched its first mattress, made in the United States from memory foam and latex foam by a team whose members had worked at Sealy, IDEO and Muji. The company sold only this one model, priced at $500 for a twin, $850 for a queen and $950 for a king. The mattress shipped folded in a box small enough for a car trunk, with free delivery in the continental United States and same-day delivery in New York City through UberUberUber is a technology company headquartered in San Francisco, United States, whose legal name is Uber Technologies, Inc. Co-founded by Garrett Camp and Travis Kalanick, it uses digital platforms to connect riders with drivers, delivery consumers with merchants, and shippers with carriers, with main businesses in Mobility, Delivery, and Freight. Dara Khosrowshahi has been chief executive officer since 2017.Open the full entry or Zipments; customers could try it for 40 days and return it free of charge. At the time the company’s seed funding totaled $1.85 million.⁠[4]

In August 2014 Casper announced a $13.1 million Series A round led by New Enterprise Associates (NEA). New investors included Ashton Kutcher’s AGrade Investments, Ron Conway’s SV AngelSV AngelSV Angel is a San Francisco venture capital firm cofounded in 2009 by angel investor Ron Conway and former Google executive David Lee. It typically writes small follow-on checks in seed rounds and has invested in companies such as Airbnb, Pinterest, and Dropbox; in 2018 it said it would no longer raise new funds from outside investors, and from 2022 it set up growth funds.Open the full entry and Slow Ventures, and existing investors such as Lerer Hippeau Ventures and Norwest Venture Partners also took part. The company then had a showroom and office in New York, the Casper Apartment, and had generated millions of dollars in sales since its April launch. Philip Krim said, “Since launching this spring, we have been inundated with requests to expand our product line.”⁠[5]

Casper’s e-commerce platform launched in the United States and Canada in 2014 and expanded to the European Union, Switzerland and the United Kingdom in 2016. In physical retail, the company opened its first retail concept in Los Angeles in 2015 and permanent stores in San Francisco in 2017 and New York in 2018.⁠[1]

In the summer of 2015 Casper raised $55 million at a valuation of about $500 million. In June 2017 the company confirmed a $170 million Series C round led by Target CorporationTarget CorporationTarget Corporation is an American retailer incorporated in Minnesota and headquartered in Minneapolis, with common stock listed on the New York Stock Exchange.Open the full entry, bringing its total funding to $240 million, with investors including IVPIVPIVP (Institutional Venture Partners) is a growth-stage venture capital firm based in Menlo Park, California, founded by Reid W. Dennis in 1980; it has invested in companies including Twitter, Dropbox, Coinbase and Figma.Open the full entry, New Enterprise Associates and Lerer Hippeau Ventures. At the same time Casper pillows, sheets and other products went on sale in select Target stores and on Target.com, while its mattresses were displayed in select stores and sold only on Target.com.⁠[6]

Casper reached $100 million in annual revenue in 2015 and more than $200 million in 2016. The Series C funding was to support projects including a new design lab in San Francisco.⁠[7]

In March 2019 Casper raised $100 million at a post-money valuation of $1.1 billion from investors including Target, New Enterprise Associates, IVP, Norwest Venture Partners, Canada Goose chief executive Dani Reiss and Crate & Barrel co-founder Gordon Segal.⁠[8]

On January 10, 2020, Casper filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission to list its common stock on the New York Stock Exchange under the symbol “CSPR.” The filing described the company’s mission as “to awaken the potential of a well-rested world,” listed products spanning mattresses, pillows, sheets, duvets, bedroom furniture, sleep accessories, sleep technology such as the Glow Light, and sleep services, and said the company had more than 1.4 million customers.⁠[1]

At the time of the filing, Casper sold through its own e-commerce channel, 60 Casper retail stores and 18 retail partners, including AmazonAmazonAmazon is a publicly traded U.S. technology and retail company founded by Jeff Bezos in 1994, with its principal corporate offices in Seattle. Its businesses span e-commerce, logistics and fulfillment, digital advertising, membership and entertainment services, consumer electronics, and Amazon Web Services cloud computing.Open the full entry, CostcoCostcoCostco Wholesale Corporation is a U.S. membership warehouse retailer that began operations in Seattle in 1983 and is headquartered in Issaquah, Washington.Open the full entry, Hudson’s Bay Company and Target, and operated in seven countries: the United States, Canada, the United Kingdom, Germany, Austria, Switzerland and France.⁠[1]

Casper’s net revenue was $250.9 million in 2017 and $357.9 million in 2018, with net losses of $73.4 million and $92.1 million; for the nine months ended September 30, 2019, net revenue was $312.3 million and the net loss $67.4 million.⁠[1]

On February 5, 2020, Casper priced its initial public offering of 8,350,000 shares of common stock at $12.00 per share, with a 30-day option for the underwriters to buy up to 1,252,500 additional shares. The shares were to begin trading on the New York Stock Exchange under the symbol CSPR on February 6, and the offering was expected to close on February 10; Morgan StanleyMorgan StanleyMorgan Stanley is an American global financial services firm that grew from an investment banking partnership into a publicly traded financial group spanning investment banking, securities trading, wealth management, and investment management.Open the full entry, Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry and Jefferies were the joint lead book-running managers.⁠[9]

In 2020, in response to the effects of the COVID-19 pandemic, Casper wound down its European operations, reduced its corporate personnel by about 21% and introduced a furlough program that initially covered almost all retail employees. It launched a new generation of mattresses in March 2020 and the Repose and Haven bed frames in August. Net revenue for 2020 was $497.0 million, up 13.1% from $439.3 million in 2019, and the net loss was $89.6 million. At the end of 2020 the company had 67 retail stores, more than 20 retail partners, and 442 full-time and 192 part-time employees.⁠[10]

On November 14, 2021, Casper signed a merger agreement with Marlin Parent, Inc., a subsidiary of an investment vehicle managed by Durational Capital Management, under which each share would be converted into the right to receive $6.90 in cash; the deal was expected to close in the first quarter of 2022. The same day co-founder Philip Krim notified the board he would retire as chief executive effective November 15 while remaining non-executive chairman, and the board appointed Emilie Arel president and chief executive and elected her a director.⁠[11]

Arel had joined Casper in 2019 as president and chief commercial officer. She was previously chief executive of FullBeauty Brands, spent three years leading the Amazon subsidiary Quidsi, and held executive roles at Gap Inc.⁠[12]

On January 19, 2022, Casper announced that its stockholders had approved the merger agreement, with preliminary results showing about 69.5% of the vote represented by its outstanding stock in favor.⁠[13]

On January 24 Durational Capital Management announced that it had completed its all-cash acquisition of Casper, with stockholders receiving $6.90 per share. Casper’s stock ceased trading and was delisted from the New York Stock Exchange, and the company became privately held, remaining headquartered in New York City with Emilie Arel as president and chief executive. Private credit funds managed by KKRKKRKKR (Kohlberg Kravis Roberts) is an investment firm engaged in alternative asset management, capital markets services, and insurance. Jerome Kohlberg, Henry Kravis, and George Roberts co-founded the firm in 1976. Its managed funds invest in private equity, credit, and real assets, and its subsidiary Global Atlantic operates retirement, life insurance, and reinsurance businesses. KKR listed on the New York Stock Exchange in 2010 under the ticker KKR.Open the full entry financed the deal through an asset-based lending structure.⁠[14]

Under Arel, Casper sold its Canadian operations, opened new concept stores and focused on profitability. On January 19, 2024, Casper named Joe Megibow chief executive, effective immediately. Megibow had been chief executive of the mattress brand Purple from 2018 to 2021 and had held leadership roles at Bright Cellars, Advent International, American Eagle Outfitters and Expedia; Arel stayed until March 1 to help with the transition. Megibow said, “With recent investment from strategic partnerships, Casper is well capitalized and poised for significant growth.”⁠[15]

At the time of the transition Casper had 66 stores in the United States, had just introduced an immersive store format at its South Coast Plaza location in Costa Mesa, California, and planned to launch a new mattress line built around cooling, support and comfort the following month.⁠[12]

In October 2024 the polyurethane foam producer Carpenter Co. announced that it had acquired Casper; terms were not disclosed, and Casper became a subsidiary of Carpenter. The two companies had had a significant supply agreement for more than a year before the deal, which was Carpenter’s third acquisition in about 16 months, following its purchase of the engineered foam business of Belgium’s Recticel in June 2023 and of NCFI Polyurethanes in November 2023. Carpenter said it would assist Casper with a comprehensive growth and profitability strategy and with its future channels to market.⁠[16]

Carpenter Co. is a polyurethane foam manufacturer based in Richmond, Virginia.⁠[17]

As of November 2026, Casper’s website sold products in categories including mattresses, bundles, pillows, furniture, bedding and accessories, with Casper Sleep Inc. named as the copyright holder.⁠[18]

Casper says it pioneered the “100-night trial” and easy returns; it offers a 100-night risk-free trial and a 10-year limited warranty, states that every Casper mattress is designed and assembled in the United States, and sells online and through physical “sleep shops.” Its website describes Casper as part of the Carpenter Co. family, which makes its mattresses.⁠[19]