SAN FRANCISCO--(BUSINESS WIRE)--Bobbie, the first Organic, European-style infant formula that is manufactured in the U.S., today announced the closing of $50M in new financing, including its Series B funding led by Park West with participation from existing investors VMG and NextView. The Airbnb alumni syndicate, AirAngels, provided more than 100 new investors who are backing their former colleagues and now Bobbie founders, Laura Modi and Sarah Hardy. This round of capital will accelerate innovation in the stagnant formula industry and support continued nutritional advancement on Bobbie’s product development with its unique recipes and purposefully-sourced ingredients.
In less than one year, Bobbie has closed two oversubscribed funding rounds, with a total of $72M raised since the company's inception in 2018. Last year, Bobbie created The MotherLode so that more women could have the opportunity to invest in a company that serves them. Now those customers get to enjoy the growth that they invested in as Bobbie has outpaced demand and has sold 4x greater than forecasted since launching direct-to-consumer in 2021. Today, Bobbie is the fastest growing infant formula company in the U.S.
“Bobbie’s growth is first and foremost a testament to the product quality which is the ultimate driver of one of the best repeat purchase rates we have ever seen. The brand positioning and accepting mission of the company also clearly resonates with parents. I’m not just 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 space, with the official launch of Bobbie Labs, a best-in-class virtual lab that will fund groundbreaking research to evolve the field of infant feeding. Bobbie Labs brings together academic experts and leading industry thought leaders to transform infant feeding through the pillars of nutrition, society, and planet. Research Proposals are being accepted at BobbieLabs.com.
“We are proud to work with Bobbie to invest in the next generation of infants. Our youngest consumers deserve special attention to their nutritional needs,” said Jim Dillard, President of Consumer Self-Care Americas of Perrigo.
Bobbie selected Perrigo as its manufacturer due to its extensive history as the largest producer of organic infant formula in the U.S., with more than three decades of experience in supplying safe and trusted infant formulas that have nourished millions of babies. Bobbie and Perrigo will continue to push the bounds of what’s expected in infant formula R&D.
“We are creating an in-house think tank that brings together the people, ideas, and know-how to truly shake up U.S. infant formula. We are innovating now for babies born in 2023, and also beginning the long term research to rethink what formula would look like for babies born in 2033. By starting now we’re investing in the next generation of Bobbie babies versus next quarter profits,” said Laura Modi, CEO and co-founder of Bobbie.
Bobbie continues to set the bar as a leading organic infant formula on the market as the first and only infant formula made with grass fed milk from pasture-raised cows on 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 more than 2,000 quality checks to ensure ingredients, processing, and the finished product are safe and nutritious for babies.
The Series B funding will also ensure Bobbie remains a stable source of infant formula for parents while many legacy companies struggle to meet demand with an unpredictable supply chain. “While retail shelves remain empty and many national brands are hard to find during the pandemic, Bobbie guarantees monthly deliveries to parents’ doorsteps for those that join the subscription-based service. This will allow Bobbie to continue to serve any baby in the U.S. with a reliable, guaranteed source of formula each month and to put an end to panic-based stockpiling,” said Sarah Hardy, COO and co-founder of Bobbie.
The change required in this category extends beyond the product. Bobbie was created from Laura Modi’s personal struggle to meet her own breastfeeding expectations. Disappointed in the formula options available to her and the pressure to feed a certain way she turned frustration into action. "It’s time to not just reset the category but to start a new conversation. One that is inclusive of all types of feeding and acknowledges there’s not one size fits all,” added Modi.
“As a gay dad with a six-month-old baby exclusively fed on Bobbie, I am beyond proud to make each bottle knowing it is nourishing my baby boy with the quality ingredients he needs to grow and thrive. As someone who is often overlooked in the feeding conversation, I am proud to support a company like Bobbie that understands parenting has evolved and the formula for our babies should as well,” said Bobbie investor and customer, Tan France.
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 launched in 2021 as the only direct-to-consumer, subscription based infant formula company in the US. Bobbie is mom-founded and led and supported by a “Medical Motherboard” consisting of 11 advisors including pediatricians, dietitians, lactation consultants, doulas, nurses, OB/GYNs, scientists, and professionals who contribute their expertise to building a next-generation formula company. Bobbie’s recipe is modeled after breast milk and designed to meet 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. As a modern and purposeful company, Bobbie has donated more than 400,000 bottles and has supported the feeding journey of 65 mastectomy moms. As community driven first, Bobbie launched Milk-Drunk, a site offering straightforward answers, support, and information – along with The Feeding Confessionals, an interactive virtual safe 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.com, and follow Bobbie on Instagram @bobbie.
