June 6, 2018 / 5:18 PM / 5 months ago

Jessica Alba's Honest Co gets $200 million investment from L Catterton

(Reuters) - Honest Co, the consumer goods company co-founded by actress Jessica Alba, said on Wednesday that it received $200 million in funding from private equity firm L Catterton.

FILE PHOTO - Actress Jessica Alba, co-founder of The Honest Company, speaks during the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 11, 2016. REUTERS/Brendan McDermid

The company, which makes products ranging from sunscreen lotions to detergents, said the investment will be used to strengthen its supply chain and expand globally.

“This partnership will bring the full Honest Beauty line to seven European countries, starting in spring 2019”, the company said in a statement.

Alba co-founded the company in 2011, touting its baby products as a safer alternative to those that use synthetic chemicals.

Last year, Alba’s company reached a $7.35 million settlement for wrongly labeling ingredients in its home and personal care products as natural, plant-based or chemical-free.

Following the settlement, the company said it was raising new funds, at a lower price than its previous round, after a possible deal with Unilever faded.

Goldman Sachs served as exclusive financial adviser for the Catterton investment, Honest Co said.

Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva

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