Honest Co., an e-commerce startup co-founded by actress Jessica Alba that makes and sells eco-friendly personal care products, has raised $70 million in a series C funding round, the company announced yesterday.
The new round was led by funds affiliated with private investment management firm Wellington Management Company with the participation of existing investors including Lightspeed Venture Partners, Institutional Venture Partners, General Catalyst Partners and ICONIQ Capital.
This brings the total amount invested in Honest Co., which was founded in 2011, to $122 million. The company’s current valuation is reportedly $1 billion, and Honest’s executives have said in press interviews this week that an IPO could be in the future. Co-founder and CEO Brian Lee told the Wall Street Journal that Honest is on track to bring in $150 million in revenue this year (Alba serves as Honest’s president.)
Honest is best known for its flagship line of baby products including baby wipes and diapers, but the company has also expanded to offer items for a wider range of ages, from children to adults.
Alba and Lee stopped by TechCrunch Disrupt San Francisco a couple of years ago in 2012 to discuss their inspiration for starting the company and the lessons they’d learned in building it thus far. You can watch that in the video below.