The Honest Company has secured USD25m in a financing round led by Institutional Venture Partners (IVP) and joined by ICONIQ Capital, with participation from existing investors Lightspeed Venture Partners and General Catalyst Partners.
The new round of funding adds to USD27m raised previously and will accelerate growth initiatives including international expansion, new product development and innovation, enhanced distribution capabilities, and greater accessibility to the brand.
“The overwhelmingly positive response to both our recent launch in Canada and the availability of Honest products from our retail partners is a testament to the vast unmet global need for safe everyday family products. 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,” says The Honest Company chief executive and co-founder Brian Lee. “We created The Honest Company with the dream to one day provide natural, affordable products to families everywhere. We appreciate the continued support from our investors as it will help us get one step closer.”
Experiencing double digit monthly growth since launch in January 2012, The Honest Company provides non-toxic family essentials including bath/skin care, household cleaning, supplements, oral care and baby products online and at retail partners across the US.
“Since the first time the founders shared their vision of a healthier world for families with us several years ago, IVP has been honoured to join them in making their vision a reality,” says Eric Liaw, principal of IVP. “We are incredibly thrilled to extend our partnership with The Honest Company as they passionately pursue their goal of making our homes safer for our children.”