BUSINESS

Hollywood Stars Invest In U.S. Mattress Firm Hoping To Inflate Sales In Canada

06/23/2015 03:41 EDT | Updated 06/23/2016 05:59 EDT
MONTREAL - Leonardo DiCaprio, Tobey Maguire and Adam Levine are among investors helping online mattress company Casper Sleep expand its bed-in-a-box sales in Canada.

The stars from the world of film and music are among a number of investors who have put an additional US$55 million into the U.S. firm that began to sell its patented mattresses in Canada last November.

Chief executive and co-founder Philip Krim says the new infusion of capital will support its Canadian growth and international expansion, as well as research and development.

Krim wouldn't say how many Casper beds have been sold in Canada, but said they represent a "meaningful" part of its $100-million-a-year business.

The Canadian mattress market is estimated to be worth $1.4 billion a year while the global market is about US$50 billion.

Casper ships its memory and latex foam mattresses in box that arrives two days after ordered online. All-in prices range between C$650 for a twin to C$1,150 for a king. They come with a 100-day trial period and 10-year warranty.

Sleep Country Canada, the country's leading mattress retailer, told potential investors in regulatory filings for its planned public offering that online sales have gained limited traction because consumers primarily use the Internet for research but go to stores to feel the differences of each mattress.

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