Target is betting big on mattresses in the mail.
The big box chain is investing $75 million in bedding delivery startup Casper as it looks to bolster its e-commerce offerings in the face of the tanking brick-and-mortar market, Recode reported Thursday.
A source familiar with the deal confirmed that amount.
Casper has sought to upend a $14 billion industry with foam mattresses that are folded into ultra-compact packages for shipping. Before now, it'd raised nearly $70 million in venture capital.
Target was reported to be considering a billion-dollar acquisition of Casper earlier this month, but talks seem to have fallen through. The fast-growing startup was last valued at more than $500 million in 2015. Read more...
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