Online no-brand retail upstart secures new funding to fuel growth
An online retailer that sells no-name home staples — mostly at $3 a pop — is resonating with consumers and investors.
Brandless announced it has raised $240 million in Series C funding, led by the SoftBank Vision Fund. Existing investors NEA, Redpoint Ventures, GV, and Sherpa Capital also participated in the round. SoftBank Investment Advisors' Jeffrey Housenbold and Justin Wilson will join the Brandless board.
Launched in July 2017, Brandless makes and sells a curated assortment of “no-brand” everyday essentials — from organic, non-GMO food and clean beauty and personal care products to non-toxic cleaners and home goods. Most items are priced at $3.
"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," said Tina Sharkey, co-founder and CEO of Brandless. "SoftBank's deep experience in e-commerce, global network and long-term perspective will help us accelerate our mission to make better stuff accessible and affordable for more people."
In the near-term, Brandless will use the funding to deepen its investment in data science and accelerate the creation and distribution of new products and categories. It will also invest in its operations and logistics platforms and capabilities.
In addition to selling product, Brandless also creates and curates original digital content, ranging from recipes to spotlights on people doing good in the world. The company also partners with Feeding America, the nation's largest network of food bank.
"When we founded Brandless, we set out to break molds, and take a fresh approach to the way people buy products by focusing on quality, access and affordability for everyone," said Brandless co-founder and chairman Ido Leffler. "Our new partnership with SoftBank is an incredible validation of our mission and will allow us to build our community beyond our wildest dreams."