Jessica Alba’s The Honest Co. raise $70 million heads toward IPO
Alba, together with Christopher Gavigan, Sean Kane and Brian Lee, all co-founders of eco-friendly family brand The Honest Company, has just raised $70 million as it heads towards an IPO.The Honest Company is Brian Lee’s third startup company, after Legal Zoom (co-founded with Robert Shapiro of OJ Simpson fame), and Shoe Dazzle (co-founded with Kim Kardashian).Brian also co-founded BAM Ventures with Richard Jun, the head attorney and lead business development executive at the US division of CJ.
The eco-friendly baby product company launched two years ago and annual revenue is expected to be over $150 million this year, three times its 2013 sales, reported the Wall Street Journal.
About 80% of its revenue comes from its subscription service that sends moms monthly deliveries of diapers and other non-toxic baby products.
The company plans to use the new funds to grow its reach in the U.S. and abroad. It is currently in talks to expand to China, according to a report by Dow Jones VentureWire.