Bobbie Revenue, Valuation, Funding & Investors

Bobbie is valued at $570M as of July 2023, a 3.5x multiple on its last reported $165M revenue.

Last Bobbie valuation

$570M

Series C · Jul 2023

Last Bobbie funding round

$70M

Series C · Jul 2023

Bobbie revenue

$165M

Series C · Jul 2023

Key investors in Bobbie

  • NextView Ventures
  • Bolt
  • VMG Partners
  • Precursor Ventures
  • Offline Ventures
  • GroundForce Capital

Bobbie Overview

About Bobbie

Bobbie is a New York-headquartered direct-to-consumer brand offering organic infant formula via subscription delivery throughout the United States. Sourced from pasture-raised Organic Valley dairy, its products meet FDA standards and hold Clean Label Project Purity Award along with Pesticide Free Certification. Expanded retail availability includes Target stores, with formulations modeled after European recipes for U.S. parents seeking premium nutrition options.


Founded

2018

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$165M (Jul 2023)

Valuation

$570M (Jul 2023)

Bobbie Valuation

Bobbie is currently valued at $570M, based on its Series C in July 2023.

The $70M round was led by GroundForce Capital.

Bobbie valuation by funding round

Bobbie valuation by funding round
DateStageValuationRevenue Multiple
Jul 2023Series C$570M3.5x

Bobbie Revenue

Bobbie's latest recorded revenue is $165M, as of its Series C in July 2023. At a $570M valuation, that implies a 3.5x revenue multiple.

Bobbie revenue by funding round

Bobbie revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2023$165M$570M3.5xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Bobbie Funding History

Bobbie has raised a total of $142M across 5 funding rounds.

Bobbie's first fundraising round was a $3M seed round in September 2018. The most recent completed round was a $70M Series C in July 2023.

Bobbie funding rounds

Bobbie funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2023Series CGroundForce Capital (lead)$70M$570MBobbie is an organic infant formula company that acquired Nature's One, a pediatric nutrition firm, using proceeds from its Series C funding round. The $70 million Series C, led by GroundForce Capital with participation from World Within Ventures and others, closed on July 6 or 12, 2023, to fund the acquisition and expand manufacturing capabilities, tripling operations. This marked an increase from prior rounds, with total funding reaching approximately $131.81M to $142M at that point. Additional investors included PowerPlant Partners contributing $35 million. Bobbie's 2023 revenue reached $165 million, reflecting strong growth in the organic baby formula market.
Mar 2022Series BPark West Asset Management (lead); VMG Partners; NextView Ventures; AirAngels$50M-Bobbie is an organic infant formula company founded in 2019 by Laura Modi and Sarah Hardy, offering European-style formula that meets FDA requirements, launched in January 2021. The company raised $50 million in a Series B round on March 15, 2022, led by Park West Asset Management, with participation from VMG Partners, NextView Ventures, and over 100 investors from AirAngels (Airbnb alumni syndicate). The round consisted of $40 million in venture capital and $10 million in inventory debt, bringing total funding to $72 million. CEO Laura Modi noted the valuation had tripled from 10 months prior but did not disclose the exact figure. Funds were allocated to expand the product line, deepen partnership with manufacturer Perrigo, invest in R&D including Bobbie Labs for infant feeding research, and support long-term product development taking over five years. In 2021, Bobbie achieved $18 million in revenue, far exceeding founders' expectations of $4 million, driven by strong demand. By early 2022, the company had grown to 50 employees from 20, serving over 50,000 parents per state, with 60% month-over-month growth projected to quadruple revenue that year. This performance attracted investors amid a formula shortage, positioning Bobbie to capitalize on a market expected to reach $103 billion by 2026. Post-round traction included launching at Target during the shortage as the first U.S.-manufactured formula on national shelves. By mid-2023, Bobbie reached $100 million in revenue (394% YoY growth, 6x faster than the market), expanded to over 100 employees, served over 5% of the non-WIC market, and fed over 300,000 babies. It raised a $70 million Series C led by PowerPlant Partners to acquire Nature’s One, becoming the third-largest integrated U.S. brand with 15% non-WIC share and plans to triple output via new manufacturing.
Jun 2021Series AVMG Partners (lead); Offline Ventures$15M-Bobbie is an organic, European-style infant formula company manufactured in the United States, founded in 2018 and led by co-founders Laura Modi and Sarah Hardy. The company operates a direct-to-consumer subscription model, delivering formula directly to parents' homes. In June 2021, Bobbie closed a Series A funding round raising $15 million led by VMG Partners, with participation from angel investors including David Morin and James Higa. The post-money valuation for this Series A round was not publicly disclosed. At the time of the Series A closing, Bobbie had achieved strong early traction, selling 4x greater than forecasted since launching direct-to-consumer operations in 2021, and had established itself as the fastest growing infant formula company in the U.S. The capital was allocated to scale operations and enhance product development efforts.
Jun 2019SeedWave Capital; 1st Course Capital; Bolt$4M--
Sep 2018SeedBolt (lead); NextView Ventures; Precursor Ventures; Lakehouse Ventures$3M--

Who has invested in Bobbie?

11 investors have backed Bobbie across its funding rounds, including NextView Ventures, Bolt, VMG Partners, Precursor Ventures, Offline Ventures and GroundForce Capital.

Lead investors include GroundForce Capital, Park West Asset Management, VMG Partners and Bolt.


Bobbie Investors

Investors in Bobbie by funding rounds participated
InvestorHQRoundsRoleFirst check
VMG PartnersUnited StatesSan Francisco, CA2LeadJun 2021
NextView VenturesUnited StatesUnited States2ParticipantSep 2018
BoltUnited StatesSan Francisco, CA2LeadSep 2018
Precursor VenturesUnited StatesSan Francisco, CA1ParticipantSep 2018
Wave CapitalUnited StatesSan Francisco, CA1ParticipantJun 2019
Offline VenturesUnited StatesSan Francisco, CA1ParticipantJun 2021
GroundForce CapitalUnited StatesLos Angeles, CA1LeadJul 2023
AirAngelsAustriaAustria1ParticipantMar 2022
1st Course CapitalUnited StatesUnited States1ParticipantJun 2019

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Acquisitions by Bobbie

Bobbie has acquired 1 company to date.

Last acquisition by Bobbie was on July 12th 2023. Bobbie acquired Nature's One for undisclosed valuation.


Latest Acquisitions by Bobbie

Nature's One
Description
Nature's One is an Evendale-based manufacturer of organic infant formulas and baby nutrition products sold nationwide in the U.S. The company produces premium formulas with DHA from hexane-free egg yolks, prebiotics GOS and FOS, and organic lactose mirroring breast milk profiles. Nature's One also offers toddler milks and organic electrolyte drinks through retailers like Walgreens and Amazon.
HQ CountryUnited States
HQ City
Columbus, OH
Deal Date12 Jul 2023
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Bobbie Competitors

Bobbie competitors include listed companies like HelloFresh and THG, and private ones like Bloom & Wild, Hungryroot, Babycare and Omie & Cie.

Public and private companies comparable to Bobbie
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bloom & WildUnited KingdomUnited KingdomPrivate--$500M-
HelloFreshGermanyGermanyPublicly listed$7.8B$246M$452M0.0x
HungryrootUnited StatesNew York City, NYPrivate$175M-$750M4.3x
BabycareChinaShanghaiPrivate--$426M-
Omie & CieFranceParisPrivate--$406M-
THGUnited KingdomUnited KingdomPublicly listed$2.3B$133M$573M0.5x

Bobbie Public Comps

Bobbie is still privately-owned, but its public comps include The Honest Company, Fourth Milling, THG, Dmall, Nichols, Modern Mills, PZ Cussons, Betterware de Mexico, Arabian Mills and Bukalapak.com.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
The Honest Company$371M($8M)1.3x1.4x(56.9x)20.0x
Fourth Milling$176M$72M3.4x3.4x8.5x8.5x
THG$2.3B$133M0.5x0.5x9.2x9.7x
Dmall$332M$21M1.6x1.5x24.8x20.8x
Nichols$235M$40M2.0x1.9x12.0x9.7x
Modern Mills$279M$85M2.8x2.6x9.2x8.8x
PZ Cussons$727M$132M0.8x0.8x4.6x6.3x
Betterware de Mexico$829M$152M1.2x1.1x6.6x5.4x

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Common questions about Bobbie

When was Bobbie founded?Bobbie was founded in 2018.
Where is Bobbie headquartered?Bobbie is headquartered in San Francisco, CA, United States.
Is Bobbie publicly listed?No, Bobbie is a private, VC-backed company.
What is Bobbie's valuation?Bobbie was last valued at $570M in its Series C in July 2023.
How much funding has Bobbie raised?Bobbie has raised $142M across 5 funding rounds.
What was Bobbie's last funding round?Bobbie's last funding round was a $70M Series C in July 2023, led by GroundForce Capital.
Who are Bobbie's investors?Bobbie's investors include VMG Partners, NextView Ventures, Bolt, Precursor Ventures, Wave Capital, Offline Ventures, GroundForce Capital, AirAngels, 1st Course Capital, Lakehouse Ventures and 1 other.
What is Bobbie's revenue?Bobbie's latest recorded revenue is $165M (July 2023).
What is Bobbie's revenue multiple?Bobbie's latest valuation implies a 3.5x revenue multiple ($570M valuation on $165M of revenue).
Which companies are comparable to Bobbie?Companies comparable to Bobbie include Bloom & Wild, HelloFresh, Hungryroot, Babycare, Omie & Cie and THG.
How many companies has Bobbie acquired?Bobbie has acquired 1 company, including Nature's One.

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