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GROVE COLLABORATIVE RAISES $125 MILLION AT A $1.32 BILLION VALUATION

December 11, 2020
December 11, 2020
Grove Collaborative

Grove Collaborative, an online shopping destination that targets Millennial customers with clean household and beauty products, has raised $125 million at a $1.32 billion valuation.

WHO: Launched in 2016 as a Certified B Corp, Grove Collaborative is a leading digital-first brand and e-commerce platform for natural home and personal care products. Over the past four years, Grove Collaborative has launched its own brands of home and personal care products, including lines of tree-free paper, laundry care, and vitamins. On a mission to define a new industry standard of eco-consciousness, Grove is the first and only plastic neutral retailer in the world and is committed to becoming 100% plastic-free by 2025.

WHY: The funding will be used to expand its brands into new categories, launch new beauty brands and work toward the goal of being plastic-free by 2025.

DETAILS:

  • Grove Collaborative raised $125 million at a $1.32 billion valuation. Counterpoint Global at Morgan Stanley, Sculptor, Nextview, and Glynn participated in the round.
  • Earlier this year Grove Collaborative launched Peach a beauty brand representative of its mission to eliminate plastic from personal care routines.
  • The business expressed a commitment to an M&A strategy acquiring gummy skincare company Sundaily earlier this year and sexual wellness band Sustain Natural in August of 2019.
  • Grove Collaborative closed a $150 Million Series D Fundraise and surpassed $1 billion valuation in September 2019. The round was co-led by Lone Pine Capital, General Atlantic, and Glynn Capital, with participation from Greenspring Associates as a new investor as well as from existing investors Norwest Venture Partners, Mayfield Fund, NextView Ventures, MHS Capital, and Heron Rock Capital.
  • In 2018 Grove generated $104 million in revenue and said it is on track to triple that figure in 2019.
  • In January of 2018 the start-up landed a $35 million in Series C funding led by Norwest Venture Partners, which came on the heels of a $15 million Series B that quietly closed in March 2017 and was led by Mayfield VC.
  • In July 2016 the company closed a $6.7 million Series A round of funding.
  • Their $1.7 million seed round was funded in April by angels Erick Blachford, Jeff Clarke, Cary Rosenzweig, and John McAtee, according to CB Insights.
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