Jessica Alba is a mogul in the making!
The Honest Company, which she co-founded with Christopher Gavigan, Sean Kane and Brian Lee, raised $70 million from Wellington Management Company. Existing investors ICONIQ Capital, General Catalyst Partners, Institutional Venture Partners and Lightspeed Venture Partners also participated.
The latest round of financing supplements the $52 million raised since the company's launch in 2012. Per industry experts, the company is worth nearly $1 billion as it moves toward an initial public offering.
According to The Wall Street Journal, The Honest Company's annual revenue is expected to exceed $150 million in 2014. About 80 percent of the business' revenue comes from its monthly subscription service. The Honest Company sells natural, non-toxic items ranging from household cleaning supplies to baby products. Its inventory is available online and at select retail outlets in the United States and Canada. The company is currently in talks to expand to China, according to a report by Dow Jones VentureWire.
Jeremy Liew, a partner with Lightspeed Venture Partners, said Alba "is an international star" with unlimited potential. "We're starting to see a lot of demand from her fans around the world. This idea for non-toxic, chemical free products has resonated around the world in developed and developing countries."
Needless to say, the company's founders are elated.
"We value the support of our partners and customers in helping us make a meaningful impact in the marketplace," said Alba, who has two daughters with husband Cash Warren. "We dream big at The Honest Company and continuously strive to make the world healthier and more sustainable—today and in the future."
In a press release distributed Tuesday, Lee added, "The Honest Company provides families everywhere with safe, convenient and affordable family essentials. This funding will enable us to expand our current category offerings and availability, and develop products across many new and exciting categories."