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.
The company said it will use the money to expand its brands into new categories, launch new beauty brands and work toward the goal of being plastic-free by 2025. Counterpoint Global at Morgan Stanley, Sculptor, Nextview and Glynn participated in the round.
The business is looking to capitalize on customers who prefer natural cleaning products, and Grove cofounder Stuart Landesberg is said to have pitched investors directly to raise the round.
Since it was founded in 2016, Grove has grown its business selling natural products online in the U.S. Over time, the assortment has grown from household essentials to include sexual wellness products, ingestibles and clean beauty.
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Earlier this year, Grove pledged to go plastic neutral. To do that, the company implemented a plastic “tax” on owned and third-party brands. “Nobody’s going to get kicked off the site tomorrow,” Landesberg said at the time. “The people we work with genuinely want to make changes for the better.”
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