In the early 2000's, Philip Krim launched an e-commerce business out of his college dorm, selling everything from window blinds to eczema cream to yes, mattresses. Years later, inspired by online successes like Warby Parker and Harry's, Philip and his partners launched Casper, a DTC company that designed its own mattresses, compressed them into boxes, and helped turn a mundane purchase into an Instagrammable adventure.

Within months, sales began to take off; and soon, copycat brands crowded into the DTC mattress space, creating competition and buzz in a previously sleepy sector. (Editor's Note: Pun unavoidable).

Despite these challenges, Casper's valuation soared to $1 billion in 2019, only to shrink by half for its 2020 IPO. Today, Philip says he's focused on the future, with ambitions to build Casper into a one-stop-brand for all things sleep-related.

Show Notes:

1:15 - Intro
4:22 - Starting out in ecommerce
10:43 - Getting into mattresses
12:30 - Jumping into business full-time
14:29 - Stepping away from The Merrick Group
15:47 - Moving to New York to start online advertising
20:45 - Meeting the future co-founders
26:42 - The problems to solve
29:33 - Researching
32:58 - Fundraising
37:03 - Creating the mattress
39:51 - Branding the unboxing process
42:03 - Coming up with the name
43:11 - Launching
45:40 - The problem with too much early success
51:07 - The business model
52:40 - Creating a media company
55:58 - The target audience
57:00 - Competitors
64:27 - Reviews and controversies
68:14 - Entering an acquisition process with Target
70:02 - Struggles after going public
78:00 - Offering a trial period
79:47 - Sticking around
81:05 - Reflecting
82:15 - Luck vs. hard work

Selected Links:

Casper
Philip Krim
Tempurpedic
The Merrick Group
Vocalize
Sleepy’s
IDEO
Thrillist
Ben Lerer
Casper mattress unboxing video
NEA venture firm
Jack Media
Sleepopolis
Casper stock

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