American e-commerce company Brandless has announced $240m in Series C funding from Softbank Vision Fund.
The company will use the investment to offer high-quality products at even more reasonable prices to the consumers.
During the upcoming term, Brandless is expected to strengthen its investment in data science and further enable faster creation and distribution of new products and categories.
It will also invest in its operations and logistics platforms and capabilities to meet the increasing customer demand.
Existing investors such as NEA, Redpoint Ventures, GV, and Sherpa Capital have also participated in the venture financing round.
Brandless co-founder and CEO Tina Sharkey 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 provides hundreds of daily essentials, and the existing assortment includes organic, non-GMO food, clean beauty and personal care products, non-toxic cleaners and home goods.
SoftBank Investment Advisers managing partner Jeffrey Housenbold 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.
“Tina and Ido are experienced global operators with a unique understanding of the modern consumer and we’re thrilled to partner with them.”
Launched in July last year, Brandless was co-founded by Tina Sharkey and Ido Leffler, and has its offices in Minneapolis and San Francisco.