Casper Sleep Inc. set out to upend the mattress industry, promising a big vision and rapid growth, with slick online marketing that cut out retail stores. But it couldn’t solve the economics of its business model and turn a profit.
This week the mattress-in-a-box maker agreed to be taken private in a transaction that values Casper at less than $300 million, about half what it was worth when it went public nearly two years ago. Casper had been valued at $1.1 billion in a private funding round in early 2019.
