Along with the healthy lifestyle and cleaning products, which will soon include formula for babies and beauty products for moms, the startup is selling a feel-good mission. Like Toms Shoes Inc., Warby Parker Inc., Etsy Inc. and other e-commerce companies that use business to benefit social causes, Honest donates product and revenue.
The company established programs like diaper and crib donations as part of its business model, earning it a B Corp certification from nonprofit group B Lab.
“Nowadays it’s about corporate responsibility. The consumer today demands this of companies and we are doing our part to help in any way we can,” Mr. Lee said.
Although the company has expanded its retail distributors during the past year from Whole Foods and Costco to include Target, Buy Buy Baby and Nordstrom, just 20% of sales occur offline.
Mr. Lee said that mix is a good balance for the company for now and the company has intentionally held back on marketing efforts because it is now at capacity fulfilling orders.
The Series C funding round will be used to bankroll growth both in the U.S. and abroad.
Friday, August 29, 2014
Wednesday, August 27, 2014
A U.S. State Department official told the Journal that the EB-5 program—which grants visas to those who invest $500,000 in a range of development projects—has hit its quota of 10,000 visas for the fiscal year and won’t receive new applicants until Oct. 1. Chinese applicants made up about 85% of the 10,000 visas granted under the program. It’s the first time in the program’s 24-year history that the quota has been reached.
"As the harvest looms next month, the country is on track for an 11th year of bumper grain crops. But production is too much, even for the world's most populous nation, with warehouses bursting at the seams and posing a dilemma for policy makers....
Estimates from state media say the government will be sitting on 150 million tons of grains that include three of the most important crops for China: rice, wheat and corn. That is double the 75 million tons last year and adds to an oversupply of these agricultural commodities that is pressuring prices lower."
"China's surplus couldn't have come at a worse time for U.S. farmers, who are expected by the USDA to harvest a record 14 billion bushels. Corn futures have dropped 15% this year after falling 40% last year, and China's unwillingness to buy U.S. corn will further pressure prices, said Jason Britt, president of brokerage Central States Commodities Inc. in Kansas City, Mo."