SAN FRANCISCO--(BUSINESS WIRE)--Today Bobbie, the first European-style organic infant formula meeting FDA requirements and only female-founded and mom-led formula company in the U.S., announced during its virtual closing bell celebration that in just under three hours they brought 200 mom investors to the table with the average investment of $1,200.
Bobbie’s founders created The MotherLode so more women, specifically moms and most importantly Bobbie’s customers, were given the opportunity to invest in a company that serves them. This became a cornerstone of Bobbie’s mission after pitching the company to mostly traditional, male-led VCs in connection with prior financing rounds and learning that only 8% of investors are women and only 20% of boards are made up of women.
“We want to generate value for what mothers are already putting into our company,'' said Bobbie co-founder and CEO Laura Modi. “We took this extra step to allow our community the opportunity to invest in a business they care about while democratizing the process of investing," added Modi.
Joining the closing bell ceremony today were Bobbie investors and supporters Laura Dern, Whitney Wolfe Herd, Brit Morin and Sallie Krawcheck.
“Growing up in my industry around other females, the conversation about money was off the table. And investing? Forget about it. That wasn't a possibility that any female I knew was discussing. The fact that Bobbie is this gorgeous female inspired and run company for moms -- that you would open up this round to say to moms: help us build this and get equity from it, lets build this together, was just magic to me,” said Laura Dern. “We, the collective, the collective MotherLode, are sending a message to other companies: It is time for companies to think about who is building their company, what their board room looks like -- all the way to who their investors are and who has access to their product. Bobbie’s Motherlode is saying: you invest in us, we invest in you,” Dern added.
MotherLode investors will receive a one-year Executive Membership to Ellevest, a robo-advisor investment platform and financial literacy program primarily for women, so that they can continue their investment journeys. Additionally, the community will receive quarterly MotherLode investor calls and a newsletter to keep abreast of the latest company’s milestones.
“The democratizing is seen when you see these moms sitting alongside investors like Whitney,” Modi explained. “I’m so honored to be able to invest and honored to be able to co-invest with each of you. It’s amazing that you’re taking control of your financial decisions. This is such a remarkable opportunity and look forward to seeing you in the upcoming meetings” said Whitney Wolfe Herd at the closing bell.”
As a purpose-driven company, Bobbie started with community, not commerce. They first launched Milk-Drunk, a content site providing a place for parents at the crossroads of feeding to get straightforward answers, support, and information. Bobbie brings a first of its kind European-Style Recipe, Organic Infant Formula to U.S. parents. Bobbie’s recipe is modeled after breast milk and designed after the most recent EU nutritional standards for critical ingredients like DHA and iron, while also complying with all FDA nutritional standards for infant formula. Bobbie is focused on providing a purposefully sourced, USDA Organic infant formula with Organic Valley milk from pasture raised cows. With a point of view that what you put in formula is just as important as what you leave out, Bobbie does not include commonplace ingredients like corn syrup, palm oil, or maltodextrin.
Recent data shows that one in five U.S. parents will turn to European infant formula found on the black market. European brands are viewed as superior to U.S. brands because they are organic, have few additives, and are held to a different standard. Other stark differences include the fact that the U.S. has no set level for DHA in infant formula and in the EU it is at least 20mg/100 kcal, but Bobbie meets this requirement. The EU also puts a cap on the use of sugars, like corn syrup, and the U.S. does not. Lastly, the EU frequently updates their nutritional standards for infant formula based on the most recent scientific research, and the most recent changes went into effect in 2019. In the U.S, infant formulas are regulated under the Infant Formula Act which was enacted in 1980 and has not undergone any overhaul in the last 40 years.
Bobbie formula is available at www.hibobbie.com.
About Bobbie
Bobbie is an Organic Infant Formula company that exists to build a parenting culture of confidence, not comparison, where every parent is supported in the feeding choice that is right for them and their baby. Bobbie will be initially selling direct-to-consumer and offering a subscription service to parents across the US. Bobbie is mom-founded and led and supported by a 20 person “Motherboard” of advisors and a Medical Affairs Team made up of doctors, lactation consultants, doulas, pediatricians, and professionals who contribute their expertise to building a next-generation formula company. Bobbie was founded in 2018, is based in San Francisco, and is venture backed. For more information on Bobbie, visit www.hibobbie.com, and follow Bobbie on Instagram @bobbie.
