SAN FRANCISCO--(BUSINESS WIRE)--Bobbie, the only infant formula company in the U.S. founded and led by moms, announced a new initiative called The MotherLode to provide the Bobbie community an opportunity to invest in the business and to democratize the process of investing. Within a mere three hours of sharing the opportunity to empower moms to invest in Bobbie, The MotherLode was fully subscribed and interested investors are now being waitlisted.
After pitching the company to mostly traditional, male-led VCs in connection with prior financing rounds, Bobbie’s founders decided to create The MotherLode so that more women, specifically moms and most importantly Bobbie’s customers, could be given the opportunity to invest in a company that serves them.
“As we were finalizing Bobbie’s latest round of funding, we realized that the changes we want to bring to the formula industry—an industry traditionally owned and operated by men—also requires changing who gets to be involved. Mothers are our reason for being, so mothers should be part of investing in our journey,” stated co-founder and CEO Laura Modi. “We want The MotherLode to start a movement of a new kind of relationship between brands and its consumers, democratizing investing, and allowing mothers to invest in brands they believe in and use. It’s time to invest like a Mother.”
Bobbie, a San Francisco-based company, is rewriting the investment playbook to drive innovation and alleviate some of the burden caused by COVID-19, disproportionately affecting mothers. On the back of one of the worst years for women, where nearly 3 million U.S. women left the labor force over the last year, exposing undervalued work and a childcare crisis, Bobbie is showing that it can do more for moms. Only 8% of investors are women and only 20% of boards are made up of women. The founders of Bobbie want to change that—starting by inviting moms to invest and get a seat at the table.
CEO and Co-Founder of Ellevest, Sallie Krawcheck, stated: “We applaud The MotherLode for its goal of engaging women in investing, something that we work to do every day at Ellevest. That’s why we’re happy to offer Ellevest Executive memberships to women who join The MotherLode, to provide them with a broad set of financial solutions and guidance, to complement their investment in Bobbie. As we love to say at Ellevest: ‘Nothing bad happens when we get more money in the hands of women.’”
“We accepted $100 to $2,000 investments,” stated co-founder and COO of Bobbie, Sarah Hardy. “But this isn’t about the dollars we raise; it’s about the movement we start. We want to inspire women and moms to invest in brands they believe in, to give moms the value and impact they’re willing to create.”
“Bobbie and The MotherLode are personal to us. As such, we made it a point for moms to have a seat at the table, because we know how hard it is to get one. All too often these investment opportunities are given to those ‘in the know’. So we opened it up to those who are not usually on the inside track to invest in Bobbie—a product they know and trust,” said Modi.
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.
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.
“At Google, I led Product Operations for Google Finance, a financial information platform that was designed for the ‘institutional stock market investor’. If you didn’t understand what a P/E ratio was, you most likely steered clear from investing in the public market. Staring at the market everyday, I found myself trading, and I loved it. I appreciated the ability to play a part in companies I strongly believed in, and once I got over the learning curve, I even realized I was good. Women can invest, Moms can invest, and they are good—I want to support the next generation of women becoming investors,” said Modi.
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 will be initially selling direct-to-consumer and offering a subscription service to parents across the US. Bobbie is mom-founded and led and supported by a 20 person “Motherboard” of advisors and a 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.