Target Investing $75 Million In Casper Sleep

Target had offered $1 billion to buy the company but the two sides failed to close a deal.

Author:: Giovanni Bruno
Publish date:: May 25, 2017 12:29 PM EDT

Target (TGT) - Get Report today finalized a $75 million investment in Casper Sleep, a privately held mattress firm, as a part of a funding round that will amass $100 million or more, Recode reports.

The investment follows reports earlier this week saying that the Minneapolis-based retailer had failed to come to an agreement on an outright purchase of Casper.

Target had offered $1 billion to buy the company.

Casper, valued at $550 million following its last private investment in 2015, generated $200 million in sales in 2016.

Shares of Target were higher during midday trading on Thursday.

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