An Irish co-founded start-up that has developed a healthier infant formula for the north American market, has raised a further $50 million (€45.6 million) in funding. This brings to over $70 million the amount secured since it was establish less than a year ago.
Founded by Mayo-native Laura Modi and Sarah Hardy, who met while both working at Airbnb, Bobbie has come up with a European-style recipe it says is modelled on breast milk. The company was inspired by Ms Modi's personal struggle to breastfeed and her difficulties sourcing the type of formulas that mirrored those she knew from home.
“Bobbie was inspired from my Irish roots. I strongly believe that quality organic milk should be available to babies and families in the US,” she told The Irish Times.
“The Bobbie story and product has been resonating outside of the US too with Bobbie receiving requests to come to Europe,” Ms Modi added.
The new investment round has been led by Park West with VMG and NextView returning to back Bobbie. Also backing the company is AirAngels, an Airbnb alumni syndicate with more than 100 new investors.
Ms Modi said the additional financing will be used to double down on innovation to expand its product line. The company is also establishing Bobbie Labs to support ground-breaking scientific research into the infant feeding industry.
“We are creating an in-house think tank that brings together the people, ideas, and know-how to truly shake up US 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,” said Ms Modi.
“By starting now we’re investing in the next generation of Bobbie babies versus next quarter profits,” she added.
The start-up’s initial success started off on a word-of-mouth basis wish sales of more than $1 million achieved in its first quarter.
"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.
