We propose a new inflationary toy model that produces two episodes of phase transitions. With the first one, super-horizon-sized bubbles are nucleated, which are seen from inside as open universes, thereby reconciling inflation with the recent observations of a low&OHgr;0.With the second transition, a distribution of sub-horizon voids, of sizes typically around 10–100 Mpc/hare generated inside the open universes. These primordial voids can be the seeds of the present large scale voids that are detected in redshift surveys, and provide a non-Gaussian signal on the microwave background. The model realizes this sequence along the same slow-rolling path, by modulating the energy difference between the vacuum states. In this model, that we call extended Bubbly CDM, openness and bubblyness, rather than flatness and homogeneity, are the main products of inflation. ©1999 American Institute of Physics.