In May, Southern California-based tech companies collectively raised more than $380 million. Today, e-commerce brand The Honest Company raised more than half that figure, bringing in a whopping $200 million.
Founded in 2012, the e-commerce business, which develops and sells natural baby, personal care and beauty products, will invest the funding in growth strategy and product development, specifically its supply chain and global reach.
“It has always been my dream to grow The Honest Company into a global brand,” said founder Jessica Alba in a statement. “Our mission from day one has been to empower people to live happy and healthy lives, and we are always in search of new ways to bring that to life. This partnership will enable us to empower more people in more places by delighting them with products that meet their desire for safety, design and performance.”
The strategic minority investment comes from L Catterton, a global consumer-focused private equity firm headquartered in Connecticut.
“L Catterton is the right partner for The Honest Company based on its expertise and extensive resources which will fuel our evolution into an iconic global brand,” said The Honest Company CEO Nick Vlahos in the statement. “We will continue to execute against our strategy, which includes focusing our business on the baby and beauty categories. This investment will enhance our next chapter and accelerate the realization of our vision for the future.”
As a part of the funding — which was facilitated by Goldman Sachs — The Honest Company will maintain its current leadership team under Vlahos' leadership and will keep its headquarters in Playa Vista.