Casper, a NYC-based mattress startup, closed a $55M Series B funding round.
The round was led by Institutional Venture Partners (IVP), with participation from Leonardo DiCaprio, Tobey Maguire, Adam Levine, Scooter Braun, and Pritzker Group Venture Capital as well as existing investors New Enterprise Associates (NEA), Lerer Hippeau Ventures, Norwest Venture Partners, Vaizra Investments, SV Angel, Slow Ventures, and Queensbridge Ventures.
The company, which has raised $69.95M to date, intends to use the funds to grow its innovation arm, Casper Labs, and engineer, test, and launch new products.
Led by Philip Krim, CEO and co-founder, Casper provides a mattress sold directly to consumers eliminating commission driven, inflated prices. The surface, developed in-house by a team of product engineers with experience from IDEO, has a sleek design and unites memory and latex foams.
It ships free via UPS or bike messenger in a mini fridge-sized box, and is backed by a 100-day in-home trial period and 10-year warranty.
The company’s current board of directors consists of Krim, Casper COO and co-founder Neil Parikh, Tony Florence (NEA), and Ben Lerer (Lerer Hippeau Ventures). Dennis Phelps (IVP) joins as a Board Observer.