Jun 19, 2017

Online mattress retailer Casper raises $170 million

Dan Primack

Casper, a New York-based direct-to-consumer bedding products retailer, has raised $170 million in Series C funding. Target Corp. led the round, after reportedly having been in earlier talks to acquire Casper outright. Other investors include Tresalia Capital, Lerer Hippeau Ventures, Norwest Venture Partners, Institutional Venture Partners, NEA, Irving Capital and individual angels like 50 Cent, Kevin Spacey, Carmelo Anthony and Andre Iguodala.

Why it matters: Because it's the latest example of the rapidly converging e-commerce and physical retail worlds, following last Friday's Amazon/Whole Foods and Walmart/Bonobos deals. For Casper, it's about gaining consumer visibility. For Target, it's about better understanding direct-to-consumer selling via digital.

Remember: Casper may sell via online channels, but it's still much more of a retail company than a tech company.

Top-line: Casper reports more than $200 million in revenue for 2016, compared to around $100 million for 2015.

Bottom line: "The reality that we face is that a vast majority of people don't know that we exist." ― Casper CEO Philip Krim to the NY Times.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 2:30 p.m. ET: 1,506,936 — Total deaths: 90,057 — Total recoveries: 340,112 — Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 432,596 — Total deaths: 14,831 — Total recoveries: 24,235 — Map.
  3. Federal government latest: President Trump is preparing to launch a second coronavirus task force focused on reviving the U.S. economy.
  4. Public health latest: U.S. has expelled thousands of migrants under coronavirus public health order — Dr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  5. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — Another 6.6 million jobless claims were filed last week.
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Axios

Boris Johnson moved out of ICU but remains in hospital with coronavirus

Johnson last December. Photo: Kate Green/Anadolu Agency via Getty Images

U.K. Prime Minister Boris Johnson has been moved out of intensive care but is continuing to be monitored at St. Thomas' Hospital in London, according to a Downing Street spokesperson.

Why it matters: It's a sign of improvement after Johnson spent three nights in intensive care for coronavirus. Foreign Secretary Dominic Raab remains in charge of the government.

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Felix Salmon

A pause button for debts

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Governments have forcibly put much of the U.S. and the global economy on pause in recent weeks, for very good reason. Factories, offices, sporting arenas, restaurants, airports and myriad other institutions have closed down. But one thing hasn't been paused: monthly debt-service obligations.

The big picture: The less movement and activity there is in an economy, the more the coronavirus curve is flattened. But the obligations in bond and loan contracts can't be paused. That's worrying CEOs who fear a wave of business failures if economic activity doesn't pick up next month.

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