20VC: Casper Founder Philip Krim on The Right Way To Think About Marketing Channel Diversification, When To Accept Strategic Investors & How To Successfully Build Out Your Exec Team

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Target Partnership
Philip Krim, founder of Casper, discusses the strategic partnership with Target, highlighting the alignment of visions between the two companies. He emphasizes the importance of understanding the motivations behind strategic investments, as they often differ from traditional financial motivations. Philip advises founders to ensure that interests are aligned to avoid potential pitfalls, as strategic investments can come with strings attached 1.
Sometimes the strategic investor wants to learn how the small company operates, but that also can come with, with sometimes disalignment of interests.
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This alignment with Target has been beneficial for Casper, allowing them to expand their wellness offerings and build a strong partnership 2.
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Capital Strategies
Philip Krim shares insights on capital allocation strategies, emphasizing the importance of timing and alignment with company ambitions. He explains that taking a large round of investment should coincide with significant product-market fit and a clear path to growth 3. This approach allowed Casper to accelerate international expansion and product development, leveraging Target's distribution channels.
Taking a large round too early can be dangerous, and not taking enough capital late in the game can be too dangerous.
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Philip also challenges the common fundraising advice of prioritizing high valuations, advocating instead for finding investors who align with the company's vision 4.