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Thursday, August 28

Hollywood actress, Jessica Alba's company racks millions

   Her influence as a distinguished Hollywood figure is undoubted and it has benefited Honest Company, a marker of eco-friendly baby products she co-founded in 2011.

With Jessica Alba's influence,the company raised $70 million adding to the already $52 million the company has raised since it launched three years ago. This round of funding was made possible by Wellington Management Company and existing investors such as Institutional Venture Partners, Iconiq Capital, Lightspeed Venture Partners and General Catalyst Partners.

Industry experts have valued the company's worth at nearly $1 billion.
The company's annual revenue is expected to exceed $150 million, which is three times the revenue of 2013, and those involved attribute Alba's star power to the startup's early success.
The Honest Company, which was co-founded with Christopher Gavigan, Sean Kane and Brian Lee, sells natural, non-toxic items ranging from household cleaning supplies to baby products that are sold online and at select retail outlets in the U.S. and Canada. According to a report by Dow Jones VentureWire, the company is in talks to expand to China.
"We believe being a company is the best path for us going forward and it's good to get that validation early on," said Lee, who serves as the company's chief executive. "I can't say when that will be, but we are definitely starting to think and act like a public company."
Jessica Alba said she came up with the idea after learning that toxic chemicals were widely used in everyday products.
In a press release released by the company, Alba said the investors are helping the company "make a meaningful impact in the marketplace."
The main aim and vision of the company is to make the world healthier and more sustainable today and in the future.