Jessica Alba's Startup Nabs $25 Million in Funding
Jessica Alba's startup The Honest Company, a subscription ecommerce service focused on providing parents non-toxic, eco-friendly family and baby products, has closed a $25 million funding round let by Institutional Venture Partners with participation from Iconiq Capital, Lightspeed Venture Partners and General Catalyst Partners.
The Los Angeles-based company will use the funds for international expansion, product development, increasing distribution capabilities and work on making the brand more accessible, which could include increasing partnerships with retailers.
"This new round of funding will provide essential resources for us to continuously expand our suite of products and bring them to households around the world,” CEO and co-founder Brian Lee said in a statement. “We created The Honest Company with the dream to one day provide natural, affordable products to families everywhere.
Launched in January 2012, the company was founded by Alba, Christopher Gavigan, Sean Kane and Lee (founder of ShoeDazzle). The team had set out to develop eco-friendly, affordable products for all family members, featuring everything from diapers to skin care and home cleaning products. The items can either be purchased online or delivered on a regular basis through a subscription service. The Honest Company has also partnered with a select group of brick-and-mortar retailers to offer their goods.
“Our mission at The Honest Company is to provide healthier, more sustainable products for today’s families and generations to come. We are excited to work with supportive partners that share the same vision and look forward to continued growth and reach,” said Alba in a statement.
To date, The Honest Company has raised $52 million. Currently, the products are available in the U.S. and Canada.