Grove Collaborative enters unicorn territory with a $150 million series D funding with a valuation of over $1 billion. The round was co-led by Lone Pine Capital, General Atlantic, and Glynn Capital.
WHO: Launched in 2012, Grove Collaborative, a Certified B Corp, creates innovative natural products and offers a curated selection of healthy home essentials like cleaning supplies and personal care products. With a flexible scheduled delivery model and a personal shopper, a “Grove Guide” assigned to each customer, Grove’s platform makes it easy for people to switch to healthier, more sustainable routines. Every item Grove offers, both from its flagship Grove Collaborative brand and from exceptional third-party brands, has been thoroughly vetted against strict standards for sustainability, efficacy, and supply-chain practices.
WHY: The company intends to use the funds for expansion into the clean beauty category, make further investments in its sustainable packaging and supply chain, and grow its “Grove Guide” program, a personalized concierge service staffed by a dedicated team of experts on healthy and sustainable homes.
IN THEIR OWN WORDS: “There is a common misperception that relatively few consumers are motivated by conscientious values like health and sustainability,” said Stuart Landesberg, co-founder and CEO. “Yet every day at Grove we see the passion families from across a myriad of communities have for effective, safe, and affordable products that protect our shared home. We believe in a world in which sustainability is scalable and that, rather than simply reducing waste, we can use consumer products as vehicles for widespread, long-lasting, positive human and environmental impact.”
“With its lens on the changing habits and preferences of consumers, Grove has grown more than six fold over just the past two years,” says Andrew Ferrer, Managing Director at General Atlantic, a leading global growth equity firm, who co-led the Series D. “We’ve been impressed by their ability to innovate while remaining true to their mission. We’re looking forward to what’s next.”
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