Direct-to-consumer firm Brandless has secured a Series C funding round, led by Softbank Vision Fund.
The round raised $240 million, and includes existing investors NEA, Redpoint Ventures, GV, and Sherpa Capital. Jeffrey Housenbold and Justin Wilson of Softbank Investment Advisors will join Brandless’ board.
The company is known for having what is referred to as “no-brand” products, with the aim of offering quality everyday essentials minus the markup associated with brand marketing investments. Most products are available at $3. The assortment includes a range of organic and non-GMO food, as well as non-toxic cleaners for the home and clean beauty and personal care items.
Tina Sharkey, cofounder and chief executive officer, said, “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.” She said the round and Softbank’s experience in e-commerce will help the company accelerate its mission to “make better stuff accessible and affordable for more people.” Brandless said the investment will also help it improve operations and logistics platforms to “keep up with growing customer demand.”
Softbank’s Housenbold said, “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.” He added that the company’s data-driven approach “enables it to provide a personalized shopping experience and generate compelling unit economics.”
The company began operations in July 2017. It also partners with Feeding America, so each time someone completes a checkout on an order, a meal is donated to someone facing hunger. To date, the company has donated over 1.5 million meals.