Report: Honest Co. Prepping For IPO, Hires Bankers

A report Friday from Bloomberg says that Los Angeles-based Honest Co. is prepping for an IPO, and has hired a set of investment bankers for the effort. Bloomberg--citing "people familiar with the matter"--said Honest Co. has hired Goldman Sachs and Morgan Stanley to head up the IPO effort. Honest Co. is led by LA startup veteran Brian Lee, and was co-founded by Jessica Alba. The report says that Honest Co.'s latest funding round valued the company at around $1.7 billion. The report is the first that confirms the company's entry into the ranks of technology startup unicorns. The Honest Co. is venture backed by Glade Brook Capital Partners LLC, AllianceBernstein L.P. (AB), Fidelity Management & Research Company, Wellington Management Company LLP and Institutional Venture Partners.