Lead Like a Mother: Bobbie Raises $15 Million in Their Series A Round
The Infant Formula Company with a Waitlist of Thousands
SAN FRANCISCO, June 3, 2021-- Today Bobbie, the only infant formula company in the US founded and led by moms, announced their $15 million Series A raise. This latest investment of $15 million in Bobbie’s Series A round was led by VMG, a firm that has backed some of the biggest CPG brands to date, including Kind, Bare Snacks, and Daily Harvest.
Since launching in January of 2021, Bobbie has seen seven times the forecasted growth and surpassed $1 million in sales in the first quarter. More than 70% of all traffic has been organic and word of mouth with customers in all 50 states within weeks of launch.
With an exceptional, differentiated product that solves for a black market of European infant formula, bold leadership from two female founders who left Airbnb to disrupt another industry, and a passionate community of moms, a waitlist grew to 7,000.
“We lead like a Mother. Mothers understand the ins and outs of infant formula, from the ingredients to the politics. They have experienced the pain, they have worked through the solutions, and they believe with every disappointed ounce in them that there’s a conversation to be had on how we feed our babies,” stated co-founder and CEO Laura Modi. “Our Bobbie board is 100% women-led, with the recent addition of Ally Tam, a partner at VMG.” In addition, added Sarah Hardy, “The future of Bobbie will be guided by an advisory board called the Motherboard, which are majority women and 50% BIPOC.”
"We watched Bobbie navigate the challenges of bringing a completely new product to market in a highly regulated environment with equal parts grace and tenacity, and then exceptional success,” said Ally Tam. “We see hundreds of new brands launch every year, so when Bobbie showed us their first month's launch results - which were exceptional - it was a no-brainer to formalize our relationship with the company by leading their Series A."
Bobbie was inspired by co-founder and CEO Laura Modi’s personal struggle to meet her own breastfeeding expectations. After finding herself in a store desperate for formula, each label left Modi disappointed in the options available to her. Originally from Ireland, she knew that Europeans took a different approach to formula and didn’t understand why similar formulas weren’t available in America. Her frustration turned into action.
Today, 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 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.
Bobbie is available at www.hibobbie.com.
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 sells direct-to-consumer and offers a subscription service to parents across the US. Bobbie is co-founded by Laura Modi and Sarah Hardy and led and supported by a 20 person Motherboard and 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.
Kim Chappell at firstname.lastname@example.org
Venture Capital Database