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Stocks are down, we haven鈥檛 seen S-1 filings from startups we anticipated would go public this year and some newly public companies are seeing their valuations plummet.

There have only been a few venture-backed companies to go public so far this year. Health care startup was the first, followed by mattress startup . Let鈥檚 take a look at how they鈥檝e fared dealing with the choppy conditions of the market.

One Medical

IPO Price: $14

Open Price on Wednesday: $20.31

One Medical鈥檚 stock is well above its IPO price from January, but it plummeted last Thursday to $19.10 as the coronavirus situation in the U.S. and beyond got worse. The stock recovered a bit to $21.30 by the close of market on Friday after President Donald Trump addressed the nation about efforts to combat the effects of coronavirus, and the Federal Reserve said it would give more liquidity to the market.

It makes sense that One Medical is doing well, relatively speaking. Its stock hasn鈥檛 been battered as much as some others, likely because it is a health care company. Since the company went public at the end of January, its stock has been on a bit of a roller coaster ride, but it looks like it鈥檚 climbing up. It opened on Wednesday at $20.31.

Casper

IPO Price: $12

Open Price on Wednesday: $4.19

颁补蝉辫别谤鈥檚 IPO did not go well. The company initially priced its shares between $17 and $19, but had to lower that range to $12 to $13 before ultimately pricing at $12. The company was last privately valued at $1.1 billion but went public with an IPO price that gave it a valuation of less than a half-billion dollars. Since then, its stock price has been on a pretty steady decline. 颁补蝉辫别谤鈥檚 stock opened at $4.19 on Wednesday, and it鈥檚 all-time low was $4.05.

Consumer-facing companies are seemingly taking one of the聽 worst beatings in the market. 颁补蝉辫别谤鈥檚 public debut was lackluster, to say the least, and it鈥檚 been a little over a month since its rocky start and things aren鈥檛 looking up.

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The fresh cash brings the company鈥檚 total funding to more than $60 million, according to 小蓝视频色情网页版 data. The new round came from , which has invested in companies like and .

Brooklinen was founded in 2014 by husband and wife team Rich and Vicki Fulop. The company is profitable and sells home goods like sheets, pillows, towels, robes and loungewear.

“Brooklinen’s profitability, customer repeat rate, and consistently smart and deliberate growth decisions make them a rare brand to partner with,鈥� Summit Partners managing director Chris Dean said in a statement. 鈥淢any brands focus on a growth-at-all-costs model that we believe isn’t sustainable for longevity; we are thrilled to find a like-minded partner and to work together on the next stage of growth for Brooklinen.”

More direct-to-consumer sleep and home product companies have popped up in recent years, though with varying results. Most recently, mattress company attracted more than $339 million in funding but had a lackluster public debut.

With the new round, Brooklinen plans to expand its physical retail presence and grow domestically and internationally, according to the statement. Brooklinen is based in Brooklyn and opened its first permanent store in the neighborhood of Williamsburg last year.

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The company鈥檚 stock opened at $14.50 on Thursday, its first day of trading, and closed at $13.50. Its stock opened at $13.97 Friday morning before dropping to $11.31 by the close of markets.

It hasn鈥檛 been the smoothest transition from private to public for the mattress startup. Casper initially set a price range of between $17 and $19, dropping the company鈥檚 valuation to about $786 million–quite a bit below the $1.1 billion valuation Casper last had as a private company after it raised its $100 million Series D in March 2019.

Earlier this week, Casper lowered the price range to between $12 and $13, further sinking the valuation. It eventually priced its shares at $12 apiece, at the bottom of the range, and was then valued at $475.5 million ($490.6 million if underwriters exercise their options).

The company鈥檚 stock did pop on its first day of trading, but didn鈥檛 perform as well on Friday, when stocks across the , , and were down.

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Companies like and have plastered billboards around cities touting their promises, and while mattresses have been in the limelight with 颁补蝉辫别谤鈥檚 recent IPO, a slew of other products are cropping up in what鈥檚 been coined as the 鈥淪leep Economy.鈥�

The 鈥淪leep Economy鈥�

鈥淚 think there鈥檚 much more awareness around the power of sleep and the impact of lack of sleep,鈥� said Eric Hutchinson, co-CEO of , the parent company of mattress brands including and DreamCloud.

The 鈥渟leep health鈥� industry is estimated to be worth between $30 billion and $40 billion, and has historically grown about 8 percent each year, according to a 2017 report from consulting firm

The industry can be split into three categories: ambience modification (mattresses, pillows, curtains, lighting, etc.), routine modification (things like sleep monitors, meditation, smart alarm clocks) and therapeutic treatment (sleep aids, apnea treatment devices, surgery, etc.), according to McKinsey.

鈥淪leep in general is at a premium right now,鈥� co-founder and CEO Mike Grillo said in an interview with 小蓝视频色情网页版 News. 鈥淚 think the notion that you could purchase a product that is demonstrated to improve your sleep is very attractive to people. It鈥檚 an easy first step.鈥�

Gravity Blanket raised more than $4 million through a Kickstarter campaign in 2017. In addition to its signature weighted blankets, it offers products like weighted sleep masks, aromatherapy pillows, and a CBD line with melatonin and chamomile.

Most of the sleep product market in the past has been filled with pharmaceutical products, sleep aids like Ambien, Grillo said. But he expects to see more physical products that aren鈥檛 pharmaceuticals or mattresses gaining traction with consumers.

And with new markets (and potential products) comes inventiveness and fresh startups.

Gravity Blanket is pushing forward with new products and will be coming out with a line of cooling sheets, weighted apparel and a sleep serum in collaboration with a beauty company in the future.

鈥淭he mattresses have given birth to this direct-to-consumer economy 鈥� but the emergence of companies like and have made wellness really en vogue,鈥� Grillo said. Meditation apps have also attracted venture dollars, with Calm raising about in funding, according to 小蓝视频色情网页版, and Headspace bringing in about.

Gravity sees itself more in the space of wellness than the home space, Grillo said, and the company has collaborated with Calm for a line of weighted blankets, which includes a one year subscription to the meditation app.

Resident co-CEO Hutchinson pointed to other secondary products like pillows, sheets and adjustable bases as a growing opportunity. They鈥檙e replaced more frequently than a mattress, which typically has a life of eight to 10 years, but also important for a good night鈥檚 sleep.

The rise of the internet made information more accessible, and made 鈥渟hopping for mundane products enjoyable鈥� Hutchinson said.

And what better market than sleep-deprived consumers ready and willing to pay for some help.

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Casper priced its shares at $12, the bottom of its range, on Wednesday night. And while 21 percent is a nice pop on the first day of trading, it鈥檚 important to note that it comes after the company slashed its IPO price range.

Casper previously priced its shares between $17 and $19, but lowered its price range to $12 to $13 in a Wednesday morning regulatory filing with the . So while 颁补蝉辫别谤鈥檚 stock was trading above $15 on Thursday, that鈥檚 still below what the company originally thought its stock was worth.

As it makes its public debut, it鈥檚 notable that Casper is worth significantly less than it was just a year ago.

With an IPO price of $12, 颁补蝉辫别谤鈥檚 valuation comes out to about $475.5 million ($490.6 million if underwriters exercise their options). Casper was last privately valued at about $1.1 billion after its $100 million in March 2019. When the company priced its shares between $17 and $19 last week, its valuation fell to about $786 million.

Casper raised as a private company, according to 小蓝视频色情网页版, with backers such as and . Like many venture-backed startups that have made it to the IPO stage, it isn鈥檛 profitable. The company reported $312.3 million in revenue for the first nine months of 2019, with $67.4 million in losses.

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Casper set a price range of between $17 and $19 per share last week. That range raised some eyebrows, because even if the company priced its shares at the high end, it would bring 颁补蝉辫别谤鈥檚 valuation to about $786.2 million–significantly less than its last private valuation.

After Casper raised its $100 million in March 2019, it was valued at about $1.1 billion. But with the updated price on Wednesday, 颁补蝉辫别谤鈥檚 market capitalization would be $514.6 million if it prices at the high end of its range.

When Casper filed its S-1 with the last month, it reported $67.4 million in losses on $312.3 million in revenue for the first nine months of 2019. Revenue grew 20.3 percent from the same period the year prior, and its losses were up about 5 percent during the same period as well. More on 颁补蝉辫别谤鈥檚 financials here.

As we wrote earlier, venture-backed startups looking to go public are having something of a moment of reckoning regarding their valuations. After WeWork鈥檚 failed IPO and other lackluster public debuts of buzzy unicorns, there have been a lot of questions around valuations of unprofitable startups.

The company raised $339.7 million in funding while private, with backers including and .

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The news comes hours after we published that the New York startup was reportedly looking for underwriters to pen a potential initial public offering (IPO).

The new capital comes from existing investors , and , as well as several new investors, including Dani Reiss, chairman and CEO of Canadian, outwear maker and retailer , and , founder and former chairman of . The latest raise takes 颁补蝉辫别谤鈥檚 total funding raised to nearly $ since its inception in 2013.

Casper has also added , former s CEO, and Reiss to its board of directors.

The company did not comment on the IPO rumors but in a press release said it was planning to use the funding toward scaling its retail fleet, wholesale distribution and e-commerce channels. Casper聽told me via email it plans to “invest in R&D… for future product innovation.” It added that its revenue in 2018 topped $400 million, compared to a reported $600 million from its launch date in April 2014 through the end of 2017.听

Interestingly, Casper said聽it has grown revenue by聽$100 million every year since launching. Specifically, it earned $100 million in revenue in 2015鈥攊ts first full year of operating. It then doubled that in 2016 with $200 million in revenue, and then $300 million in 2017. The company currently has 500 employees, compared to 400 last July.

Casper started out selling its mattresses online before opening its own brick-and-mortar 鈥淪leep Shops鈥� across North America last year. Its products also sell at retailers such as Target and Hudson鈥檚 Bay.

For more details on Casper and the mattress industry as a whole, check out our coverage from this morning and last July.

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This story was updated post-publication to include revenue figures provided by the company.

According to 小蓝视频色情网页版, the New York-based startup neared unicorn status with a $920 million valuation set during .

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Five-year-old Casper is a well-known leader in the market, with investors like , (IVP) and (NEA). Actors and , rapper, and NBA player have also backed the startup, according to its 小蓝视频色情网页版 .

Casper is one of those rare startups that actually shares financial information, with reported revenue of more than $600 million聽from its launch in 2014 through the end of 2017. (We鈥檝e reached out for updated numbers and will include those in this article if/when we get them.)

In July 2018, Casper CEO and co-founder told 小蓝视频色情网页版 News he believed his then-400-person startup had 鈥渏ust scratched the surface in terms of sleep product innovation.鈥� It has evolved from its initial direct-to-consumer model to also selling its products such as Target, Nordstrom, and Amazon in an effort to reach a wider market.

Trailing behind 颁补蝉辫别谤鈥檚, other companies in the mattress space that have raised venture capital include London鈥檚 ($82.3 million) and Virginia Beach, Va.-based ($32 million).

The chart below shows venture funding raised by companies that use the word “mattress” or “mattresses” in their short descriptions in 小蓝视频色情网页版. (For example, Casper’s one-liner is “Casper is a global sleep company that launched in 2014 offering perfect mattresses directly to consumers.”) Companies which make or market mattresses but don’t use that keyword in their descriptions weren’t counted.

To some, news the mattress industry is well, awake and lucrative might be surprising. Customers are leaning toward a more customized, personal experience, whether it鈥檚 with Casper, or other new startups like those mentioned above.

Apparently it鈥檚 working. As we reported back in July, of the $15 billion mattress market, online sales of mattresses reportedly doubled from 5 percent in 2016 to 10 percent in 2017.听

Still, it’s notable that after a whopping ten-fold jump in venture investing in mattress startups from 2016 ($25.7 million) to 2017 ($257.3 million), funding slid sharply to just $15.6 million in 2018. 聽Of course, Casper’s $170 million Series C in 2017 was a big factor behind the rise that year.

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This story was updated post-publication to include more accurate revenue figures based on company feedback.