How Ingrid & Isabel grew so fast without VC funding

While some retail founders have opted for venture-backed growth, Ingrid & Isabel Founder and CEO Ingrid Carney believes there’s still room for a slower path.

The maternity clothing brand—which Carney launched in 2003 after inventing the Bellaband, the brand’s best-selling pregnancy accessory—has grown into the largest maternity label by retail sales in the US without taking venture-capital or private-equity funding, according to the company.

Per Carney, she never entered the business with a hard rule against raising outside capital. “I didn’t go into this saying, ‘I’m not going to raise money,’” she told Retail Brew. “I went into this saying, ‘Should I raise money or can I do it on my own?’”

After working at multiple startups, including VC-backed businesses, Carney ultimately decided she wanted greater control over the company’s direction. “I saw the pros and cons of that,” she said. “So for this company…I wanted to determine the path rather than have a board determine it for me.”

That decision shaped not only the company’s ownership structure, but also how it approached growth. While many consumer startups chased aggressive expansion over the past two decades, Ingrid & Isabel focused on profitability and operating “within its means,” Carney said.

“I learned very early on what cash flow and profitability are, and that they’re not the same thing, and that in order to continue funding this myself, I have to be profitable now,” she explained. “If that means I can’t open 10 stores, then I don’t open 10 stores. If it means that in this year I can only make three leggings and not 10, then I only make three leggings.”

The approach also contrasts with a consumer startup model that for years rewarded quick growth, which often meant large amounts of outside capital.

“It’s almost like not living beyond your means,” Carney said. “That’s the path you take when you don’t raise money.”

Lost and founder: The debate comes as many founders face a significantly different retail environment than the one that existed when Ingrid & Isabel launched more than 20 years ago. While digital marketing platforms have made it easier for brands to reach consumers directly, Carney argued that customer acquisition has become increasingly expensive and complex.

“The opportunity is there, but the cost is really high,” she said, adding that earlier, the company benefited from a huge network of maternity specialty retailers. Today, many of those stores have disappeared, forcing brands to rethink how they reach shoppers.

Instead, Carney advises emerging consumer brands to prioritize wholesale distribution because retailers already have established customer bases and offer a more profitable path to scale.

Meanwhile, the maternity category presents its own challenge: Customers only need the product for a relatively short period of their lives. So instead of attempting to build an endless relationship with shoppers, Carney said the company focuses on delivering the best possible experience during pregnancy and postpartum.

It is also the philosophy that has helped the company maintain relevance even as the broader maternity market has changed. Carney said she credits the brand’s longevity to focusing on solving specific problems rather than encouraging consumers to buy entirely new wardrobes.

And while some founders may continue pursuing rapid expansion backed by outside capital, Carney said she ponders whether slower, more deliberate growth ultimately builds stronger customer relationships.

“When you go really hard and fast,” she said, “I wonder if you exit really hard and fast too.”