Jan 10, 2020 - Economy & Business

Mattress maker Casper files for IPO

Photo: Rachel Murray/Getty Images for Casper Sleep Inc.

Upstart mattress maker Casper filed Friday for an initial public offering.

Why it matters: This will be the next public market test of a consumer products company that venture capitalists have arguably valued like a tech company.

The big picture: Casper reports a $67 million net loss on $312 million in revenue for the first nine months of 2019, versus a $64 million net loss on $260 million in revenue for the year-earlier period.

  • It has raised over $355 million in venture capital funding, most recently in early 2019 at a valuation just north of $1 billion. Investors include retailer Target.
  • The IPO filing lists a $100 million target raise, but that's likely a placeholder figure.
  • Morgan Stanley is listed as lead underwriter.

The state of play: The New York-based company, known for shipping mattresses inside of boxes, began as a direct-to-consumer e-commerce company, but has since opened 60 physical stores.

Editor's note: An earlier version of this story had an incorrect figure for 2018 revenue.

Go deeper: 2019's IPO misery

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