Brandless is a new e-commerce startup offering a wide assortment of own-brand household and food items, each at the magical price of $3.

The idea behind Brandless is that it can add value for the consumer by selling quality merchandise without a so-called “brand tax.” Instead of having a big logo emblazoned on a product, the actual attributes of the product are listed on the package instead.

Launched in 2017, Brandless just announced it raised $240 million in a Series C funding round by Softbank, with the goal of becoming a bigger player in the online-shopping realm.

Now, nearly a year after the online shop first appeared on the scene, Brandless is getting a major shot in the arm with a new round of funding led by Softbank. The $240 million investment will enable the brand to grow and take on e-commerce giants like Amazon.

“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,” Founders Sharkey said in a statement about the funding round on Tuesday.

(Source: businessinsider.sg)