The Honest Co., co-founded by actress Jessica Alba and L.A. entrepreneur Brian Lee, has raised $70 million as it prepares to file for an IPO.

Wellington Management Company led the Series C round. Other participants in the round include previous investors Institutional Venture Partners, Iconiq Capital, General Catalyst Partners and Lightspeed Venture Partners.

Jeremy Liew, a partner at Lightspeed and Honest Co. board member, confirmed the $70 million investment, saying it should be the last round of financing before the company goes public.

“This financing can certainly carry them to the next milestone,” he said in a later interview.

Liew said the money would go toward growth and expansion, including new product lines for the company’s eco-friendly baby products. He would not comment on reports that the latest raise would value the Santa Monica startup at just under $1 billion.

This would be the Honest Co.’s largest funding round to date. It raised $25 million in a Series B round late last year. The company has now raised a total of $122 million since launching in 2012. The Honest Co. is expected to hit $150 million in 2014 revenue, three times that of the previous year.

Staff reporter Melissah Yang can be reached at [email protected]. Follow her on Twitter @MelissahYang for the latest in L.A. tech news.