Jan 27, 2020

Casper falls below unicorn status in new IPO filing

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

Mattress maker Casper Sleep on Monday seemed to acknowledge skepticism toward its upcoming IPO by disclosing that it doesn't expect to maintain the "unicorn" valuation it received from venture capitalists.

The bottom line: Casper plans to price shares at between $17 and $19, giving it a midpoint valuation of $705 million. It last raised private funding in early 2019 at a valuation of nearly $1.1 billion.

Go deeper: Casper lists inability to control social media influencers as IPO risk

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Unpacking Casper's sleepy IPO

Illustration: Aïda Amer/Axios

Casper Sleep, the mattress retailer that was valued at more than $1 billion by venture capitalists, last night priced its IPO at the bottom of an already-slashed price range.

Reality check: Yes, this went just about as badly as most of us thought it would. No, it shouldn't be used as an avatar for the broader IPO or DTC markets.

Go deeperArrowUpdated Feb 6, 2020 - Economy & Business

The IPO-pocalypse didn't last long

Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

The IPO-pocalypse sure didn't last long.

What's happening: Three months after WeWork pulled its offering, we're expecting an offering above $1 billion this week and another next week. It also appears that mattress maker Casper will push forward with its listing, albeit as an "undercorn."

Go deeperArrowJan 27, 2020

Online dollar store Hollar to wind down

Illustration: Eniola Odetunde/Axios

Hollar, an e-commerce company that raised more than $75 million in VC funding, is expected to wind down soon, Axios has learned from multiple sources.

Between the lines: It's been a very tough month for direct-to-consumer startups, beginning with Casper Sleep's uninspired IPO and Monday's shutdown of SoftBank-backed Brandless.