Brandless, the San Francisco-based start-up aiming to take on major brands with a direct-to-consumer online offering based on non-branded products, has raised US$240m in a Series C funding round.
The round was led by the SoftBank Vision Fund and joined by existing investors NEA, Redpoint Ventures, GV, and Sherpa Capital.
SoftBank’s Jeffrey Housenbold and Justin Wilson will join the Brandless board of directors.
Tina Sharkey, co-founder and CEO of Brandless, 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.
“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.”
Brandless’ assortment includes organic and non-GMO food as well as personal care, beauty and household cleaning products.
Jeffrey Housenbold, managing partner at SoftBank Investment Advisers, 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. The company’s highly data-driven approach enables it to provide a personalised shopping experience and generate compelling unit economics.”
Brandless said it 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.