Telecommunications and internet group SoftBank’s Vision Fund led a $240m series C round for US-based consumer product manufacturer Brandless yesterday that valued it at just over $500m according to Bloomberg.
GV, a corporate venture capital subsidiary of internet technology group Alphabet, also took part in the round, as did venture capital firms New Enterprise Associates (NEA), Redpoint Ventures and Sherpa Capital.
Brandless produces and sells a range of some 300 consumer items including organic foods, household cleaning products, cosmetics and stationery, all of which are priced at $3.00 each.
The company plans to use the proceeds from the round to enhance its data science capabilities, introduce new products and expand a delivery range that currently spans the 48 connected US states.
Two Vision Fund representatives will join the company’s board of directors, including Jeffrey Housenbold, managing partner of SoftBank Investment Advisers, and operating partner Justin Wilson.
Housenbold said: “The company’s highly data-driven approach enables it to provide a personalised shopping experience and generate compelling unit economics.
“Tina and [co-founder and chairman Ido Leffler] are experienced global operators with a unique understanding of the modern consumer and we are thrilled to partner with them.”
Brandless emerged from stealth in July 2017 having raised a total of $50m, including $35m in a series B round featuring GV and NEA.
Sherpa Capital, Cowboy Ventures and Slow Ventures were among the investors that supplied the company’s early funding. Redpoint Ventures is also an existing investor, while Bloomberg identified basketball professionals Stephen Curry and Nick Young as early backers.
– Image courtesy of Brandless, Inc.