Company: Bobbie
Title: Co-founder & Chief Executive Officer
Industry: Consumer products
Hometown:Â Washington D.C.
Notable in 2023: Closed major acquisition to bolster baby formula manufacturing and ensure no more shortages.
Infant formula shortages due to deadly bacteria and supply chain issues affected families across the world over the past few years. Even though the crisis has somewhat subsided, experts are warning parents that they aren't out of the woods.
But where some companies have seen problems, Bobbie CEO Laura Modi saw an opportunity to raise awareness and access.
Modi, a former Airbnb executive, founded Bobbie in 2018 after she struggled finding formula for her baby that she would eat herself. Bobbie sells FDA-approved infant formula that's made with organic milk — and doesn't contain fillers, corn syrup, antibiotics, palm oil or maltodextrin, a white, starchy preservative.
Women are often underestimated, and I’ve now come to realize it’s probably our greatest asset. When expectations start and remain very low, you have an opportunity to surprise people — and that provides an opening to show people that their first impression wasn’t generous. It can challenge the way they think. I think there’s some joy in proving people wrong.Laura ModiCo-founder & Chief Executive Officer, Bobbie
In 2023, Bobbie purchased infant formula manufacturer Nature's One. It allowed the organic baby formula company to own its domestic manufacturing and production, and tripled the size of its operations. The deal was part of the company's commitment to invest $100 million to increase infant formula access, quality, and options in the U.S. by 2030.
"Last year's infant formula shortage underscored the fact that we really had zero time to waste to invest in domestic manufacturing, with 'domestic' being the operative word," Modi told TechCrunch. "The shortage woke us up to a lack of redundancy and resiliency that this essential good deserves to have."
Bobbie has plans to expand Bobbie Labs, which will focus on holistic wellness and nutrition for mothers and infants in their first year. It's also vowed to increase formula access for those in the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). The company also launched Bobbie For Change, which works on government-based parental reform initiatives. The division has also partnered with nonprofit The Breasties to offer parents affected by cancer a one-year supply of free formula, providing it to over 100 families annually in the past two years.
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