SAN FRANCISCO — Infant formula startup Bobbie raised $50 million in a Series B funding round led by Park West.
Bobbie launched as a direct-to-consumer, subscription-based infant formula company in 2021. Modeled after breast milk and designed to meet the most recent European Union standards for critical ingredients like DHA and iron, the company’s formula is made with Organic Valley milk from pasture-raised cows. The clean label, pesticide-free product is free from corn syrup, palm oil and maltodextrin.
In less than one year, Bobbie has closed two oversubscribed funding rounds, with a total of $72 million raised since its inception in 2018. Last year it created the MotherLode campaign, which invited customers to invest in the business. The MotherLode was fully subscribed within three hours of launching, according to the company.
Existing investors VMG and NextView joined Park West in the Series B fundraise. AirAngels, an Airbnb alumni syndicate, provided more than 100 new investors who are backing Laura Modi and Sarah Hardy, co-founders of Bobbie and former Airbnb employees.
The round of capital will support the launch of Bobbie Labs, a virtual lab that will fund infant feeding research.
“We are creating an in-house think tank that brings together the people, ideas and know-how to truly shake up US infant formula,” Ms. Modi said. “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.”
The Series B funding also will ensure Bobbie remains a stable source of infant formula for parents while many legacy companies struggle to meet demand with an unpredictable supply chain, Ms. Hardy added.“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,” she said. “This will allow Bobbie to continue to serve any baby in the United States with a reliable, guaranteed source of formula each month and to put an end to panic-based stockpiling.”