Laura Modi
Laura Modi | |
|---|---|
| Born | 1985 or 1986 (age 38–39)[1] Westport, Ireland |
| Occupation | CEO of Bobbie |
Laura Modi is an Irish-American executive and the co-founder and CEO of Bobbie. Before Bobbie, she was director of hospitality at Airbnb.
Early career
[edit]Modi began her career at Portwest, a workwear and personal protective equipment business run by her family and founded by her great-grandfather in Ireland.[2]
Bobbie
[edit]Modi originally had the idea to found an organic infant formula company in 2016, when she was seeking formula to feed her first child[3] that excluded palm oil and corn syrup from the ingredients.[4] Over the next 18 months, she researched the industry and possible recipes,[5] finding that the last significant U.S. Food and Drug Administration update to formula nutritional standards occurred in the 1980s.[4][6] Modi self-funded the company with funds from savings and consultancy work[7] Modi hired her past Airbnb colleague Sarah Hardy, who joined as co-founder in 2019.[1]
In May 2019, an early pilot of Bobbie's formula led to a FDA inspection and a recall due to noncompliant labeling. Modi updated Bobbie's supply chain, partnering with Perrigo on manufacturing,[2] and relaunched its "European-style" infant formula in compliance with FDA guidelines in January 2021.[8] Bobbie's revenue grew to $100 million by 2023,[9] even though Modi had made the decision to pause new customer registrations for six months during the 2022 United States infant formula shortage.[5] In July 2023, Modi led Bobbie's acquisition of Nature's One, another formula brand, funded in part by a $70 million funding round raised by Modi.[9]
As part of Bobbie's workplace culture, Modi prioritizes providing robust leave and job security to new parents.[1][10] She also set up Bobbie For Change,[1] the company's advocacy arm.[11]
References
[edit]- ^ a b c d Lagorio-Chafkin, Christine (May 2022). "These Moms Created the Company Culture They'd Always Wanted". Inc. Retrieved 11 August 2024.
- ^ a b Buchanan, Leigh (30 September 2020). "How an Infant Formula Startup Survived an FDA Crackdown and Recall at Launch". Inc. Retrieved 11 August 2024.
- ^ Wiedeman, Reeves (30 August 2022). "Milk Money: The Start-Ups Racing to Shake Up the Baby Formula Industry". Intelligencer. New York. Retrieved 11 August 2024.
- ^ a b Smith, Morgan (26 July 2023). "This CEO left an exec job at Airbnb to start her own baby formula company—in 2022, it brought in $84 million". CNBC. Retrieved 11 August 2024.
- ^ a b McGrath, Maggie (19 May 2023). "Startup Bobbie Proves There's Profit In Baby Formula Despite The Dominance Of Industry Giants". Forbes. Retrieved 14 August 2024.
- ^ Ellenberg, Celia (28 January 2021). "This New FDA-Approved Baby Formula Brand Is Bridging the Gap between Lobbyists and Lactivists". Vogue. Retrieved 5 October 2024.
- ^ Harris, Ainsley (6 April 2017). "AltSchool snags execs from Airbnb, top public and charter schools". Fast Company. Retrieved 11 August 2024..
- ^ Hinchliffe, Emma (4 January 2021). "How an infant formula startup recovered from an FDA recall". Fortune. Retrieved 11 August 2024.
- ^ a b Hinchcliffe, Emma (23 July 2023). "Exclusive: Infant formula startup Bobbie raises $70 million to acquire 26-year-old brand Nature's One". Fortune. Retrieved 14 August 2024.
- ^ Mohan, Pavithra (15 May 2024). "How this baby formula startup is leading the charge on parental leave". Fast Company. Retrieved 11 August 2024.
- ^ Fluker, Dominique (1 February 2023). "'I Didn't Know That This Could Happen To Me': Elaine Welteroth Shares Birth Story To Fight Maternal Mortality Crisis". Essence. Retrieved 5 October 2024.