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Jessica Alba's Honest Co. raises $100 million to expand

Jessica Alba's Honest Co. raises $100 million to expand
Jessica Alba speaks about the Honest Co. in New York in September 2014. (Neilson Barnard / Getty Images for AWXI)

Actress Jessica Alba was looking for healthful baby-care products when she launched Honest Co. in 2012, but the business now sells much more than diapers and baby formula.

In another sign that the company is growing up, it announced Friday that it had raised $100 million in its latest funding round.

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Honest Co. is now valued at $1.7 billion, according to a person close to the company who was not authorized to discuss the figure publicly.

The private company, based in Santa Monica, said it would use the funds to boost its offerings, adding makeup and hair products to a lineup of 120 items focused on home care and health. It is also aiming to expand its distribution reach, including overseas.

The funding will help the company "fulfill our vision of a healthier and more conscious future," Alba, a mother of two and the company's chief creative officer, said in a statement.

Honest Co.'s last funding round, a year ago, brought in $70 million. The startup has raised $222 million.

In an interview last year, co-founder Sean Kane said the company was eyeing a public stock offering.

"We'll continue to assess that opportunity based on growth," he said.

The brand has a presence in more than 4,000 stores across the United States and Canada, including Target, Whole Foods, Nordstrom and Costco.

Honest Co. was the target of criticism last month over the quality of its eco-friendly goods. Some customers complained that the brand's sunscreen hadn't worked, posting photos online of reddened skin. The company responded that it would revamp the product.

The latest funding round attracted Glade Brook Capital, which has invested in Snapchat, and AllianceBernstein. Existing investors -- Fidelity Management & Research Co., Wellington Management Co. and Institutional Venture Partners -- also contributed.

Twitter: @dainabethcita

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