Casper
“Can a DTC mattress brand build a durable omnichannel sleep products business strong enough to justify premium pricing without a sustainable path to profitability?”
Founded2014
HQNew York City, New York, USA
FoundersPhilip Krim, Neil Parikh, T. Luke Sherwin, Jeff Chapin, Gabe Flateman
Total raised~$340M+
Latest roundAcquired by Carpenter Co., 2024
Valuation$1.1B (2019, at Series D)
IndustryE-commerce / DTC brand
The story
Founded in 2014 as a pure-play DTC e-commerce mattress brand, Casper disrupted the traditional mattress retail model by selling direct online and compressing product into a box for easy shipping. It expanded into physical retail starting around 2017-2018, partnering with Adyen for omnichannel POS, and offered BNPL via Affirm to improve conversion on high-ticket purchases. After a rocky 2020 IPO and subsequent delisting in 2022, Casper was acquired by Carpenter Co. in 2024, transitioning from a venture-backed brand to a subsidiary of a materials manufacturer.
Product timeline
2014
Founded as a direct-to-consumer e-commerce mattress brand, shipping compressed foam mattresses in a box.· pivot
2018
Expanded into physical retail with 15 pop-up stores in major North American cities, partnering with Adyen for in-store point-of-sale payments.· banking
2019
Achieved unicorn status at $1.1B valuation with a $100M Series D round; reported $373M in 2018 net revenue.· pivot
2020
IPO on NYSE under ticker CSPR.· ipo
2022
Delisted from NYSE (CSPR) and went private.· pivot
2024
Acquired by Carpenter Co., a major polyurethane foam manufacturer.· acquisition
The stack
2 layers disclosed in Casper’s embedded-finance stack
Payments / PSP
Lending
in the full report
Accounting gap: none
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.