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Target has reportedly<\/a>\u00a0rolled $75 million into Casper, the direct-to-consumer mattress startup you may have heard about in all those podcasts. The funding is a good chunk of what should end up being a more than $100 million round, according\u00a0to a source at Recode, which first reported the news.<\/p>\n Target has confirmed it gave a bunch of money to Casper but would not confirm the amount (sigh). The investment allegedly happened after acquisition talks fell through. Target had offered<\/a> to buy Casper for $1 billion earlier this year, but apparently Casper wasn\u2019t into the terms of the deal. The fast-growing mattress startup is an under-the-radar unicorn already, according to a TechCrunch source close to the matter, and a recent IOData report obtained by TechCrunch pegs the company at 39 percent of all mattress-in-a-box sales from 2014-2017.<\/p>\n Now Target will be the lead investor instead.\u00a0Existing Casper investors Lerer Hippeau Ventures, IVP and NEA are also adding in some cash for this round.<\/p>\n The financing may be a good option for the retail giant as brick-and-mortar stores have struggled against online competition. Target basically confirmed that in a statement (if you can get past the PR jargon), saying it would benefit by working with Casper\u2019s already established online brand:<\/p>\n \u201cThe strategic partnership offers Casper access to an established retail brand and gives Target an opportunity to work with a future-focused digital brand that is exploring an area that is meaningful for our guests \u2014 sleep and wellness. We\u2019re looking forward to exploring the future together.\u201d<\/p>\n<\/blockquote>\n Target is also hoping to pull in younger, digital-savvy customers by partnering with brands like Casper, and recently Bevel and the celebrity style blog WhoWhatWear, to hook in a new generation of online shoppers.<\/p>\n For Casper, the funding gives it some runway to continue dominating the field in an already crowded (but apparently quite lucrative<\/a>) online mattress market as it competes against startups like Tuft & Needle and Purple, which both own their own manufacturing facilities and operate in much less expensive areas to keep operating costs low.<\/p>\n","protected":false},"excerpt":{"rendered":"We\u2019ve reached out to Target for more and will update if and when we hear back<\/del>. Update:<\/em>\u00a0Nope, Target does not want to comment.<\/em><\/p>\n\n
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Target has reportedly rolled $75 million into Casper, the direct-to-consumer mattress startup you may have heard about in all those podcasts. The funding is a good chunk of what should end up being a more than $100 million round. Read More<\/a><\/p>\n\n<\/img><\/a>
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