The Honest Company is raising a new round of funding at a significantly lower valuation than its last round, according to a document unearthed by CBInsights. The Series E stock is set at $19.60 per share, down from the $45.75 per share price point of the company’s Series D round, which were sold in the summer of 2015.
That cuts Honest’s valuation to under a billion dollars, according to Axios reporter Dan Primack, who first reported this story.
The Los Angeles-based company, which has raised over $220 million since 2001, has undergone a lot of changes this year. In the beginning of 2017, it laid off 14% of its workers. It also brought on a new CEO, former Clorox exec Nick Vlahos. Honest was once a suspected acquisition candidate for Unilever, though the conglomerate reportedly passed, opting instead to buy up natural cleaning product company Seventh Generation (for between $600-$700 million) and Dollar Shave Club (for $1 billion).