Bubs Australia is after $63 million from investors to power its dreams of gaining a permanent foothold in the US market | hijessicayun
Bubs Australia chairman Dennis Lin has said he is confident the infant formula maker can continue to supply the giant US market in the long term after the company announced a $63 million capital raising.
On Tuesday, the company went into a trading halt after announcing a $63 million capital raising. The funds will be used to increase the number of staff and turbocharge its Melbourne manufacturing facility. “We’re raising money not because we’re in trouble. We’re raising money because we need growth capital,” Lin said.America’s formula crisis was triggered after a major manufacturing plant of Abbott Laboratories, the biggest baby formula supplier in the US, was forced to shut down in February after a serious bacterial infection from formula manufactured in that plant made four infants sick, two of whom later died.“We have a window here where our product is good for Australia, China and the US.
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