Jessica Alba’s Honest Company raises $100m in funding
Lifestyle brand The Honest Company, co-founded by actress Jessica Alba, has raised $100m to launch a beauty line of skincare, cosmetics, and haircare products.
It will also use the money to expand globally and bolster its online as well as wholesale distribution.
Jessica Alba, co-founder and chief creative officer of The Honest Company, said: “At The Honest Company, we dream big to fulfill our vision of a healthier and more conscious future. With this funding and our partners’ support, we are being given an opportunity to make an even greater impact. We look forward to continuing our growth in the marketplace and meeting our consumers’ evolving needs.”
A person familiar with the matter told the Wall Street Journal that the company is now valued at about $1.7bn.
The Honest Company recently came under fire when a number of people complained that its sunscreen does not work. Some even uploaded pictures of their sunburnt skin to social media for proof.
Earlier this month, the company stated in a blog post that its sunscreen had “gone through extensive third-party testing in accordance with government regulations” and that it passed SPF 30 testing requirements.
The company launched three years ago with 17 products. It now has more than 120 products across baby care, personal care, home care, and others. Consumers can purchase its products online or at a number of its retail partners in the US and Canada, which include Target, Whole Foods, and Nordstrom.