Waking Up the Slumbering Sleep Industry
Casper is an online mattress manufacturer and retailer founded by five young entrepreneurs who met in a New York co-working space in 2013. CEO Philip Krim reveals how he and his partners have created a $550 million business by defying convention.
Philip Krim launched his first company while he was still a student. Now 33, he is the Co-founder and Chief Executive of New York-based Casper, the bed-in-a-box mattress manufacturer that counts Leonardo DiCaprio among its celebrity investors and is shaking a staid industry from its slumber.
Casper’s business proposition is simple: it sells a single type of mattress made of springy latex and high-density memory foam. Its design and materials have been chosen after testing thousands of prototypes. The mattress is then delivered directly to customers in a box approximately the same size as a small refrigerator.
On opening, the mattress self-expands to full size, an event in itself that has become a social media phenomenon. Surprised buyers have taken to posting YouTube videos and Instagram posts of the mattress unfolding, generating even more buzz. The brand has a millennial, techy feel, but Krim says the market for Casper products cuts across all age groups.
Investors are also enthused, with Casper raising $70 million in venture capital in three rounds of funding, resulting in the company’s valuation of $550 million.
Philip shares more about his journey with us.
For part two of this interview, click here