ByHeart, a SoHo-based company that aims to make high-quality infant formula, has raised a $95 million Series B, the firm announced Monday. Existing investors including Midtown-based D1 Capital Partners and Polaris Partners led the all-equity round.
Ron Belldegrun and co-founder Mia Funt created the company in 2016 after they realized the baby formula industry was dominated by just a few companies – and that formula largely hadn’t changed in decades. ByHeart makes formula using organic, grass-fed whole milk that is free of genetically modified organisms, corn syrup and soy in an effort to provide infants with higher-quality food.
The latest funding will be used to scale ByHeart’s business across the U.S., create new products and make the formula more accessible, Belldegrun told Crain’s. Leadership will also use the money to continue investing in ByHeart’s supply chain and research and development. The round brings the company’s total funding to about $395 million.
He added that scientists are discovering breakthroughs in breast milk research and nutrition science that will play a role in how ByHeart moves forward. He expects the new funding to afford ByHeart significant runway, adding that the round was oversubscribed.
At the beginning of 2023, ByHeart used existing funding to expand its manufacturing capabilities, purchasing facilities in Iowa and Oregon in an effort to reach its goal of feeding 500,000 babies annually. Parents can purchase products in retail shops or on the firm’s ecommerce platform; subscribers can purchase packs of cans for $39 per can.
ByHeart’s corporate office is located at 131 Varick St.
Jacqueline Neber , 2024-05-14 11:33:04
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