Brandless, the direct-to-consumer company offering a curated, proprietary assortment of high-quality, fairly priced products, raised $240 million in Series C funding, led by the SoftBank Vision Fund. Existing investors NEA, Redpoint Ventures, GV, and Sherpa Capital also participated in the round.
WHO: Brandless was launched in July 2017 by Tina Sharkey and Ido Leffler as a brand built for profit and purpose, Brandless makes hundreds of better-for-you, everyday essentials, including organic, non-GMO food, clean beauty and personal care products, non-toxic cleaners, and home goods offered at simple fair prices. Brandless also creates and curates original digital content ranging from recipes to life hacks and spotlights on people doing good in the world. Brandless partners with Feeding America, the nation's largest network of food banks, in order to support those affected by the daily hunger crisis in America. To date, the company has donated over 1.5 million meals.
WHY: Brandless will use the funding to deepen its investment in data science and accelerate the creation and distribution of new products and categories inspired by its community. Driven by consumer demand, the business will also invest in its operations and logistics platforms and capabilities.
IN THEIR OWN WORDS: "After just one year, we already offer more than 300 proprietary Brandless products and ship to 48 states every day in support of our thriving #Brandlesslife community," said Tina Sharkey, co-founder and CEO of Brandless. "SoftBank's deep experience in e-commerce, global network and long-term perspective will help us accelerate our mission to make better stuff accessible and affordable for more people."
"The packaged goods and retail industries have failed to keep up with consumer preferences. Brandless is meeting changing demands for an improved experience that offers value, simplicity and products they can believe in," said Jeffrey Housenbold, managing partner at SoftBank Investment Advisers. "The company's highly data-driven approach enables it to provide a personalized shopping experience and generate compelling unit economics. Tina and Ido are experienced global operators with a unique understanding of the modern consumer and we're thrilled to partner with them."
"When we founded Brandless, we set out to break molds, and take a fresh approach to the way people buy products by focusing on quality, access and affordability for everyone," said Brandless co-founder and chairman Ido Leffler. "Our new partnership with SoftBank is an incredible validation of our mission and will allow us to build our community beyond our wildest dreams."
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