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June 7, 2021

US infant-formula firm Bobbie backed in funding round

US infant-formula firm Bobbie has revealed the results of a series A funding round.

Bobbie, a US-based, organic infant-formula business run by mothers, has raised US$15m in a series A funding round.

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Investment in the San Francisco business was led by VMG, which has previously backed businesses including Kind, Bare Snacks and Daily Harvest.

Bobbie was co-founded by Laura Modi, who is originally from Ireland, and Sarah Hardy. Modi was frustrated European-style formulas were not available in the US.

The organic recipe put together by Modi and Hardy is, the company says, modelled after breast milk. Bobbie says its formula is designed to meet the most recent European Union nutritional standards for “critical ingredients” such as DHA and iron, while also complying with US nutritional standards for infant formula.

Bobbie launched in January and topped $1m of sales in the first quarter with more than than 70% of all traffic being organic and word of mouth.

The company is supported by a 20-person, women-led ‘motherboard’ and a medical affairs team made up of doctors, lactation consultants, paediatricians and other professionals.

Modi, the company’s CEO, said: “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.”

VMG’s Ally Tam, who has joined the company’s board, said: “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 formalise our relationship with the company by leading their series A.”

Bobbie sells direct-to-consumer and offers a subscription service to parents across the US.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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