San Francisco-based organic infant formula company Bobbie has raised $15 million in a Series A funding round led by private equity firm VMG.
With claims to be the only infant formula company in the US founded and led by mums, Bobbie brings a European-style, organic infant formula to the American market through its direct-to-consumer platform and subscription service.
Bobbie says its recipe is modelled after breast milk – made with Organic Valley milk from pasture raised cows – 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.
Since its launch in January 2021, Bobbie has reportedly seen seven times its forecasted growth and surpassed $1 million in sales in the first quarter.
“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,” said Laura Modi, co-founder and CEO of Bobbie.
Ally Tam, a partner at VMG, will join Bobbie’s 100% female-led board, which is guided by an advisory board called the Motherboard.
“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 Tam.
She added: “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.”
VMG has backed several consumer packaged goods brands such as Kind, Bare Snacks and Daily Harvest.
© FoodBev Media Ltd 2020
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