Oct 5, 2017

Jessica Alba's Honest Co. slashes its valuation

Illustration: Sam Jayne / Axios

The Honest Company, the all-natural home goods company co-founded by Jessica Alba, is raising $75 million in new venture capital funding at a much lower valuation than the last time around, according to a document filed last week with Delaware regulators.

Top-line details: Honest's new round would be Series E stock priced at around $19.60 per share, which is 57% lower than the price of its Series D shares (sold in the summer of 2015). It also would slash the Los Angeles-based company's valuation from around $1.7 billion to below $1 billion. An Honest Co. spokeswoman declined comment.

Caveat: The Delaware document (uncovered by CBInsights) is only a share authorization, not an indication that the shares have necessarily been sold. A venture capitalist not previously involved with Honest told Axios that he had seen the deal, but it's also possible that it would be done only by insiders.

Fundraising history: Honest Co. has raised over $220 million in funding since 2001, from firms like General Catalyst, Lightspeed Venture Partners, Institutional Venture Partners, Fidelity, Wellington Management and Hartford Financial.

Context: Honest Co. was floated last year as a possible acquisition target of Unilever, which was seeking inroads into both the "green" household goods market and direct-to-consumer channel. But that disappeared once Unilever instead agreed to buy both Seventh Generation (for between $600m-$700m) and Dollar Shave Club (for $1 billion). Earlier this year, Honest Co. co-founder Brian Lee stepped down as CEO, following a controversy over certain product ingredients, and was replaced by former Clorox executive Nick Vlahos.

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U.S. coronavirus updates: Death toll passes 9,600

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the novel coronavirus surpassed 9,600 in the U.S. Sunday night, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day since April 1.

Why it matters: U.S. Surgeon General Jerome Adams said on Sunday this upcoming week will be "the hardest and saddest week of most Americans' lives" — calling it our "our Pearl Harbor, our 9/11 moment."

Go deeperArrowUpdated 6 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 p.m. ET: 1,273,990 — Total deaths: 69,444 — Total recoveries: 260,247Map.
  2. U.S.: Total confirmed cases as of 10:30 p.m. ET: 337,310 — Total deaths: 9,634 — Total recoveries: 17,461Map.
  3. Federal government latest: Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment." The USDA confirms that a Bronx zoo tiger tested positive for coronavirus.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. World update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Intelligence community watchdog suggests Trump fired him for doing his job

Michael Atkinson, Inspector General of the Intelligence Community,at the Capitol in October. Photo: Win McNamee/Getty Images

Intelligence Community Inspector General Michael Atkinson suggested in a statement Sunday President Trump fired him for acting impartially in carrying out his duties following a whistleblower complaint.

Why it matters: Atkinson alerted Congress last September to the complaint on Trump's correspondence with Ukraine's president, triggering an inquiry that resulted in the Trump's impeachment.

Go deeperArrowUpdated 1 hour ago - Politics & Policy