Honest Co. Raises Round for International ExpansionMonday, November 11, 2013
Online baby products e-tailer Honest Co. is looking to go international and has raised $25 million to help with the expansion.
The round, announced Monday, was led by Institutional Venture Partners and included investments from Iconiq Capital and existing investors Lightspeed Venture Partners and General Catalyst Partners. It brings the Santa Monica e-commerce company's total funding to $52 million since January 2012.
Honest Co., co-founded by Brian Lee, recently launched in Canada and is looking to further grow its presence abroad. The company will also use the funding to develop new products, improve distribution and enhance accessibility to the brand.
"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," Lee, the company's chief executive, said in a statement.
Honest Co., which counts actress Jessica Alba as a co-founder, sells non-toxic baby products such as diapers, bubble bath and vitamins through its website and retail partners. Parents can sign up for subscription services for diapers and other products or buy items a la carte.