ByHeart Announces $95M in New Financing On The Heels of Rapid Growth and the Completion of its End-to-End Manufacturing, Furthering its Commitment to Transforming the Infant Formula Industry

With the addition of two new production facilities in Oregon and Iowa, ByHeart is now positioned to triple its supply capacity to support families nationwide

NEW YORK, May 13, 2024 /PRNewswire/ -- ByHeart, the next-generation infant nutrition company, today announced it has secured $95M in additional financing to support the continued US commercial launch and development of its innovation pipeline. To date, ByHeart has raised a total of $395M from investors including D1 Capital Partners, Bellco Capital, Polaris Partners, Two River, OCV Partners, AF Ventures, Red Sea Ventures, Gaingels and more.

The company also announced the completion of its full end-to-end domestic manufacturing chain, with new manufacturing facilities in Portland, OR, and Allerton, IA, enabling the brand to expand production of its breakthrough formula to meet the needs of 15% of the addressable market.

"ByHeart's foundation was built on a culture of innovation—incorporating clinical trials, highest quality ingredients, advanced nutrition science and a proprietary recipe—from day one," said Ron Belldegrun, CEO and Co-Founder of ByHeart. "We are committed to doing better for babies and their parents, and that means continued investments into end-to-end manufacturing, scientific advancement and meaningful innovation in an industry that so desperately needed it."

"Polaris is delighted to continue to support the expansion of ByHeart's infant-first mission," said Amy Schulman, ByHeart's Chair of the Board and Managing Partner at Polaris Partners. "In the long-stagnant infant formula space, ByHeart's evidence-based approach drives innovation to benefit the health and wellness of babies and families. Our investors and team recognize the responsibility we have to provide the highest standard of nutrition, crafted with scientific precision and the utmost care."

ByHeart is a three-time Clean Label Project Certified brand and the only new infant formula company to open two new domestic facilities since the national infant formula shortage, helping to proactively fortify the country's fragile infant nutrition supply chain and mitigate the risk of future formula shortages. While the majority of new U.S. formula brands rely on external parties to complete steps in the production process, ByHeart's end-to-end manufacturing allows for full control, ensuring all aspects of production are held to the company's rigorous quality standards.

Utilizing the latest in breast milk science, ByHeart brings babies clinically proven¹ benefits like easier digestion, less spit up, softer poops, more efficient weight gain and enhanced nutrient absorption, and empowers parents to feel confident about their feeding decisions. ByHeart ran the largest clinical trial by a new infant formula brand in 25 years, and was the first to add a comparison to breast milk. ByHeart's pioneering clinical research has garnered widespread recognition, with its results being published in the esteemed scientific and medical journal, the Journal of Pediatric Gastroenterology and Nutrition.

The company is rapidly expanding and most recently launched in Thrive Market, the healthy and sustainable online grocer. Thrive Market carefully selected ByHeart as a partner in its mission to provide families with the top healthy food brands and natural products. ByHeart is the only infant formula to incorporate breakthrough benefits for babies backed by clinical trials while also meeting Thrive Market's high quality standards. Its presence on the site underscores the grocer's commitment to supporting brands that prioritize health, sustainability and transparency. By the end of 2024, ByHeart will expand to several additional retailers, making its clean, science-backed recipe easily available to parents everywhere.

In addition to Thrive Market, ByHeart is currently available direct-to-consumer at byheart.com and at Target nationwide in store and online. With a steadfast commitment to gold-standard nutrition, ByHeart proudly brings its formula to more babies across the nation.

For more information, please visit https://byheart.com.

About ByHeart
Founded in 2016 and based in New York City with manufacturing facilities in Pennsylvania, Oregon, and Iowa, ByHeart is an infant nutrition company dedicated to empowering parents with choices for a better feeding future. It is only one of five fully integrated, FDA-registered infant formula brands in the country, and ByHeart facilities are driven by nutritional excellence and a farm-to-formula verified™ quality program. For more information on ByHeart, visit https://byheart.com/.

¹ Compared to a leading infant formula

SOURCE ByHeart