Grove Collaborative Raises $35M Series C to Redefine Household Products for the Digital Age
Led by Norwest Venture Partners with participation from existing investors, bringing total funding to date to over $60 million
SAN FRANCISCO--(BUSINESS WIRE)-- Grove Collaborative, a high-growth natural home focused platform, delivering products directly to consumers, today announced the close of its $35 million Series C financing led by Norwest Venture Partners with participation from existing investors Mayfield Fund, MHS Capital, Bullpen Capital, NextView Ventures, Serious Change and John Replogle. The new funding round brings the total equity capital raised to over $60 million. Jeff Crowe, a managing partner at Norwest Venture Partners, has joined the company’s board of directors.
Grove Collaborative is a digitally native brand with its own direct-to-consumer e-commerce platform for natural home and personal care products. Grove will use the funding to bring healthier products to millions of households, expand their product offering, and launch new groundbreaking, health and earth-conscious products.
Grove makes it simple and affordable for consumers to shop their values. Grove sources better-for-you and more sustainable products from a curated selection of third-party brands like Seventh Generation, Mrs. Meyer’s, method, and Acure. Grove’s own Flagship brand, only available at Grove.co, offers beautiful, ethical products created specifically for an e-commerce-first world. Grove stands out for its personalized customer service, approachable prices, and its Flagship brand, which is the company’s best selling line. With support from Norwest and existing investors, Grove can tap into a wider market: 50% of Grove customers are trying natural products for the first time through their platform.
Co-founder and CEO Stuart Landesberg saw the opportunity while evaluating grocery investments at private equity firm TPG Growth. “Non-Food CPG is a trillion dollar industry globally that’s been built for an on-shelf world: packaging makes products appear larger, transparency is limited, and huge trade marketing dollars help the biggest brands own shelf space,” said Landesberg. “Families want to make safe, sustainable, informed choices, and that’s how e-commerce can catalyze real progress in an industry where incumbents have at times prioritized profit over consumer preferences and environmental health. This funding allows us to bring natural products to more homes, and help us build a brand that can serve our community unconstrained by the realities of offline sales.”
"Grove Collaborative is leading a generation of companies using a direct and personal touch to bringing healthier products to consumers," said Jeff Crowe, Managing Partner at Norwest Venture Partners. "Stu and the Grove team are redefining consumer products with innovative form factors for e-commerce and approachable health and sustainability stories behind each item. Grove has the potential to drive huge positive change in the CPG landscape."
Since launch, Grove has grown quickly to become a leader in sustainable home and personal care. To see the full range of Grove Collaborative products and to create a healthy, beautiful home go to Grove’s website www.grove.co.
About Grove Collaborative
Launched in 2016, Grove Collaborative is a digitally native brand with an owned direct-to-consumer ecommerce platform for natural home and personal care products. With a mission to help every family create a healthy, beautiful home, Grove offers a flexible recurring shipment model and gives each customer a personal shopper, a “Grove Guide.” Grove’s ecommerce platform makes natural products approachable to many families; half of Grove’s customers are trying natural for the first time. Every product Grove offers, both from their flagship Grove Collaborative brand and from exceptional third party brands, has been thoroughly vetted for health, sustainability and efficacy. Grove is a Certified B Corporation, a company that prioritizes social, environmental, and community wellbeing as well as profit. For more information, please visit www.grove.co.
About Norwest Venture Partners
Norwest is a leading venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit Norwest. Follow Norwest on Twitter @NorwestVP.
All brands, names, or trademarks mentioned in this document are the property of their respective owners.
Norwest Venture Partners
Ellie Javadi, 650-714-5057
Source: Grove Collaborative
Released January 17, 2018