Jessica Alba's Startup Is Worth Nearly $1 Billion
Celebrities ranging from basketball All-Stars to miscreant pop stars are desperate to cash in on Silicon Valley's boom. But rarely are they as successful as Jessica Alba.
According to the Wall Street Journal, the superstar actress's environmentally-friendly baby care startup, The Honest Co., recently closed a $70 million fundraising round. That investment now values her company just shy of a billion dollars, and it's only growing:
"She is an international star. We're starting to see a lot of demand from her fans around the world," [investor Jeremy Liew] said. "This idea for non-toxic, chemical free products has resonated around the world in developed and developing countries."
Since launching in 2012 with its non-toxic diapers and other natural baby products, the California-based startup has grown quickly by blending its environmentally sensitive products with a social mission. Annual revenue is tracking to hit north of $150 million in 2014, or three times the revenue of 2013, according to [co-founder Brian Lee].
Despite having been in business for just a few years, The Honest Co. is already eyeing a public stock offering, which will likely value the company even higher.
Maybe the Valley will take this as a sign to stop hawking celebrity-sponsored fad apps, and instead create businesses that sell products people actually want. But we doubt it.