Laura Modi
Laura Modi | |
|---|---|
| Born | 1985 or 1986 (age 38–39)[1] Westport, Ireland |
| Education | [2] |
| 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][3] She then moved to Google Finance to lead a product development team. In 2010, she began working for Airbnb, establishing the company's European headquarters in Dublin and moving to America five years later.[2] She eventually became Airbnb's director of hospitality.[4]
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[4] that excluded palm oil and corn syrup from the ingredients.[5][2] Over the next 18 months, she researched the industry and possible recipes,[6] finding that the last significant U.S. Food and Drug Administration update to formula nutritional standards occurred in the 1980s.[5][7] Modi left Airbnb and officially launched Bobbie, named after what her child called her bottle,[8] in 2018.[2] Modi self-funded the company with funds from savings and consultancy work[2][9] before raising the company's first round of funding of $2.4 million, backed by early Airbnb investors, while pregnant with her second baby.[2] 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,[3] and relaunched its "European-style" infant formula in compliance with FDA guidelines in January 2021.[10] Bobbie's revenue grew to $100 million by 2023,[11] even though Modi had made the decision to pause new customer registrations for six months during the 2022 United States infant formula shortage.[6] 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.[11][12]
As part of Bobbie's workplace culture, Modi highly prioritizes providing robust leave and job security to new parents.[1][13] Following the 2022 formula shortage, she worked to help co-create the Infant Formula Made in America Act of 2024 and get it introduced in the U.S. Congress.[8] She also set up Bobbie For Change,[1] the company's advocacy arm,[14] which spotlights high maternal mortality rates among black women and the need for parental leave reform.[2]
Recognition
[edit]- In 2023, Modi appeared with her Bobbie co-founder Hardy on the Time 100 Next list.[15]
- CNBC selected Modi for its 2024 Changemakers list of women in business.[16]
Personal life
[edit]Modi is originally from Westport, Ireland.[2] She lives in Washington, D.C., with her husband[17] Shaun, whom she met at Airbnb,[2] and four children.[18]
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 c d e f g h i j Carey, Brian (11 August 2024). "My formula for nursing the US through baby milk fiasco". The Times. 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.
- ^ a b 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.
- ^ a b Gaffney, Adrienne (10 June 2024). "Bobbie CEO Laura Modi Wants to Fix Parenting—Through Formula". ELLE. Retrieved 11 August 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.
- ^ Hall, Christine (12 July 2023). "Infant formula company Bobbie takes in $70M to acquire Nature's One". TechCrunch. 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.
- ^ Law, Tara (13 September 2023). "2023 TIME100 Next: Laura Modi and Sarah Hardy". Time. Retrieved 11 August 2024.
- ^ "Laura Modi". CNBC. 28 February 2024. Retrieved 11 August 2024.
- ^ Heaney, Katie (13 June 2022). "This Baby-Formula Founder Considers Herself a Wartime CEO". The Cut. Retrieved 11 August 2024.
- ^ Sala, Rose Gordon (12 August 2024). "Shop My Baby Registry—Bobbie CEO And Cofounder Laura Modi". Forbes. Retrieved 14 August 2024.