Babylist, the baby-commerce discovery and transaction destination, today announced it#nbsp;has raised $#nbsp;40 million in#nbsp;Series C#nbsp;funding led by#nbsp;new investor Norwest Venture Partners, with participation from Halogen Ventures, 500 Global, Next Play Capital, and Marcy Venture Partners.
Building on#nbsp;its strong growth and profitability, Babylist will deploy the new capital to#nbsp;further expand its ability to#nbsp;serve the baby’s entire community#nbsp;— not just the parents, but the family and friends that together plan, prepare and shop for the arrival of#nbsp;a#nbsp;child. The company will also accelerate its business by#nbsp;opening showrooms to#nbsp;improve people’s ability to#nbsp;find and experience the products they need ahead of#nbsp;purchase, as#nbsp;well as#nbsp;look towards international expansion. As#nbsp;part of#nbsp;this funding round, which brings Babylist’s total raised to $#nbsp;50 million, Sonya Brown, Norwest General Partner, will join its Board of#nbsp;Directors.
"We've successfully operated in#nbsp;an#nbsp;overlooked, yet massive, category serving an#nbsp;unmet need for millions of#nbsp;new parents, their extended families, and their circles of#nbsp;friends," said Natalie Gordon, founder and CEO of#nbsp;Babylist. "We're proud of#nbsp;the significant market share we’ve captured by#nbsp;scaling Babylist profitably. The arrival of#nbsp;a#nbsp;new child is#nbsp;a#nbsp;life stage that inspires a#nbsp;distinct set of#nbsp;consumer behaviors, with unique economics specific to#nbsp;each baby and their community. Our experience building the business around this community need over the last 10 years sets us#nbsp;up#nbsp;to truly benefit from Norwest’s ability to#nbsp;help category-changing brands grow. The additional resources Sonya and her team bring to#nbsp;the table will help us#nbsp;achieve our ambitious goals, especially in#nbsp;connection with how we#nbsp;use technology to#nbsp;improve the experience we#nbsp;offer."
Utilizing robust purchase data and expert-led guidance, Babylist helps parents, family and friends buy best-in-class products at#nbsp;a#nbsp;critical, deeply personal moment in#nbsp;their lives. The baby products market is#nbsp;large and growing, at $#nbsp;67 billion. For consumers, it#nbsp;can also be#nbsp;overwhelming, even when they are motivated to#nbsp;purchase in#nbsp;support of#nbsp;new babies and their families. Babylist has become the go-to solution to#nbsp;prepare for and welcome a#nbsp;new baby, with more than half of#nbsp;first-time parents registering with the company. As#nbsp;a#nbsp;result of#nbsp;Babylist’s commerce and content platform, the brand has access to#nbsp;unique customer insights which provide better predictive capabilities for parenting purchasing trends.
Babylist has steadily scaled its business and achieved profitability with minimal outside investment. 8 million people made purchases on#nbsp;Babylist in#nbsp;the last year, and the company is#nbsp;on#nbsp;track to#nbsp;achieve $#nbsp;250 million in#nbsp;2021 revenue. Babylist’s unique business model#nbsp;— which focuses on#nbsp;providing both information and products to#nbsp;extremely high-intent, child-focused consumers#nbsp;— supports diverse revenue streams, including direct purchases from Babylist and partner retailers and a#nbsp;robust advertising business based on#nbsp;its highly engaging content
Published by Yahoo.Finance#nbsp;— on#nbsp;November 4, 2021