Infant Formula Company Bobbie raises $50 million to invest in the next generation | Business and finance
SAN FRANCISCO–(BUSINESS WIRE)–March 15, 2022–
Bobby, the first European-style organic infant formula made in the United States, today announced the closing of a new $50 million financing, including its Series B financing led by Park West with participation from investors. existing VMG and NextView. Airbnb’s alumni union, AirAngels, has provided more than 100 new investors supporting their former colleagues and now Bobbie founders Laura Modi and Sarah Hardy. This fundraiser will accelerate innovation in the stagnant formula industry and support Bobbie’s continued nutritional advancements in product development with her unique recipes and targeted ingredients.
Laura Modi, CEO and co-founder of Bobbie, with Sarah Hardy, COO and co-founder of Bobbie. Bobbie is the only female-founded, mother-led infant formula company in the United States (Photo: Business Wire)
In less than a year, Bobbie has closed two oversubscribed funding rounds, with a total of $72 million raised since the company was founded in 2018. Last year, Bobbie created The MotherLode so that more women have the opportunity to invest in a business that serves them. Now those customers can enjoy the growth they’ve invested in, as Bobbie has exceeded demand and sold 4x more than expected since launching direct-to-consumer sales in 2021. Today, Bobbie is the company for fastest growing infant formula in the United States.
“Bobbie’s growth is above all a testament to the quality of the product which is the ultimate driver of one of the best repeat purchase rates we have ever seen. The company’s brand positioning and acceptance mission also resonate clearly with parents. I am not only a proud investor, but also an avid customer,” said Carle Stenmark, General Partner at VMG.
This funding will continue to advance Bobbie as a leader in the field, with the official launch of Bobbie Labs, a premier virtual lab that will fund groundbreaking research to advance the field of infant nutrition. Bobbie Labs brings together leading academic experts and industry thought leaders to transform infant feeding across the pillars of nutrition, society and the planet. Research proposals are accepted at BobbieLabs.com.
“We are proud to work with Bobbie to invest in the next generation of infants. Our younger consumers deserve special attention to their nutritional needs,” said Jim Dillard, president of Perrigo’s Consumer Self-Care Americas.
Bobbie chose Perrigo as the manufacturer because of its long history as the largest producer of organic infant formula in the United States, with over three decades of experience providing safe and reliable infant formula that has fed million babies. Bobbie and Perrigo will continue to push the boundaries of what is expected in infant formula R&D.
“We are creating an internal think tank that brings together the people, ideas and know-how to truly revolutionize infant formula in the United States. We’re innovating now for babies born in 2023, and also beginning long-term research to reimagine what formula would look like for babies born in 2033. Starting now, we’re investing in the next generation of Bobbie babies versus profits of the next quarter”, mentioned Laura Modi, CEO and co-founder of Bobbie.
Bobbie continues to set the bar as the leading organic infant formula on the market as the first and only infant formula made with grass-fed milk from cows raised on pasture at Organic Valley Farms. It is proud to celebrate its rigorous quality standards by becoming the first-ever infant formula to receive both the Clean Label Project Purity Award and certification as a pesticide-free product. Bobbie undergoes over 2,000 quality checks to ensure the ingredients, processing and finished product are safe and nutritious for babies.
The Series B funding will also ensure that Bobbie remains a stable source of infant formula for parents, while many traditional companies struggle to keep up with demand with an unpredictable supply chain. “While store shelves remain empty and many national brands are hard to find during the pandemic, Bobbie is guaranteeing monthly deliveries to parents’ doors for those who join the subscription service. This will allow Bobbie to continue to serve any baby in the United States with a reliable, guaranteed source of formula every month and end panic-based stockpiling,” said Sarah Hardy, COO and co-founder of Bobbie.
The change required in this category goes beyond the product. Bobbie was born out of Laura Modi’s personal struggle to meet her own breastfeeding expectations. Disappointed with the formula options available to her and the pressure to feed herself a certain way, she turned frustration into action. “It’s time to not only reset the category, but to start a new conversation. One that includes all types of food and recognizes that there is no one size fits all,” added Modi.
“As a gay dad with a six-month-old baby fed exclusively by Bobbie, I’m beyond proud to make every bottle knowing it’s feeding my little boy the quality ingredients he needs to grow and thrive. As someone often overlooked in the nutrition conversation, I’m proud to support a company like Bobbie who understands that parenting has evolved and formula for our babies should too,” said Bobbie investor and client, Tan France.
Bobbie is an organic infant formula company that exists to create a parenting culture of trust, not comparison, where every parent is supported in making the feeding choice that is right for them and their baby. Bobbie launched in 2021 as the only direct-to-consumer, subscription-based infant formula company in the United States. Bobbie is founded by a mother and led and supported by a “medical mother board” made up of 11 advisors, including pediatricians, dieticians, lactation consultants, doulas, nurses, obstetricians/gynecologists, scientists and professionals who bring their expertise to the creation of a new generation formula. business. Bobbie’s recipe is modeled after breast milk and designed to meet the latest European nutritional standards for essential ingredients like DHA and iron, while meeting all FDA nutritional standards for infant formula. Bobbie is focused on providing Target-sourced USDA organic infant formula with Organic Valley milk from pasture-raised cows. From the perspective that what you put in the formula is just as important as what you leave out, Bobbie doesn’t include common ingredients like corn syrup, palm oil, or maltodextrin. As a modern and determined company, Bobbie has donated over 400,000 bottles and supported the feeding journey of 65 mastectomy mothers. As a community first, Bobbie launched Milk-Drunk, a site offering simple answers, support and information, and The Feeding Confessionals, a safe interactive virtual space for parents. Bobbie was founded in 2018, is based in San Francisco, and is venture-backed. For more information on Bobbie, visit www.hibobbie.comand follow Bobbie on Instagram @bobbie.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: RETAIL CONSUMERS WOMEN SPECIALTY PARENTING BABY/MATERNITY FOOD/BEVERAGE
Copyright BusinessWire 2022.
PUBLISHED: 03/15/2022 09:00 / DISK: 03/15/2022 09:02
Copyright BusinessWire 2022.