The Honest Company has announced that it has managed to raise $25 million in new venture capital funding. The e-commerce company has been co-founded by Hollywood actress Jessica Alba and Brian Lee. The company dabbles in clean-living and sells eco-friendly products like diapers, skin care products and more on similar lines. The round that raised the millions was led by Institutional Venture Partners and Iconiq Capital. These were joined by existing investors for The Honest Company, Lightspeed Venture Partners and General Catalyst Partners in the round. In all, says TechCrunch, The Honest Company has raised $52 million in funding till date.
Raking in the funds
The e-commerce based website works on a unique subscription based system. Essentially, you can sign up for bundles with the company and have eco-friendly, toddler-centric products delivered to doorsteps. The company also partners with bricks-and-mortar retailers to deliver these goods. The company has said that it will be using the funding to accelerate its growth and international expansion, better distribution and new product development. It wouldn’t hurt to have more retailers for the company as wellThe Honest Company has reportedly hit double digit growth already since it was launched in January last year. Alba is an essential part of the company as not just the co-founder but also the face of it, a good reason for the Venture Capital to pour in. Besides this, The Honest Company also runs a blog to push its products as well as providing tips to families, especially ones with toddlers and young kids.
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