San Francisco-based Allbirds, a maker of eco-friendly absolute shoes, has aloft $50 amateur in Series C funding. T. Rowe Price Investment Management led the annular with accord from Fidelity Management & Analysis Company and acknowledgment advocate Tiger Global.
San Francisco (Oct. 11, 2018) – Today, Allbirds, the certified B-Corp cast beat the use of exceptional acceptable abstracts in footwear, appear that it has bankrupt Series C allotment of $50 amateur led by T. Rowe Price Investment Management, forth with Fidelity Management & Analysis Company and acknowledgment advocate Tiger Global, bringing absolute allotment to added than $75 million. The basic will be acclimated to abutment abysmal analysis and development of acceptable materials, as able-bodied as an aggressive amplification action that will accompany bigger articles to added closets about the globe.
Allbirds currently operates retail locations in San Francisco and New York, and sells absolute to barter through its own e-commerce sites in the United States, New Zealand, Australia and Canada. Next week, the cast is demography its aboriginal footfall beyond the Atlantic to the United Kingdom, introducing a retail abundance in the Covent Garden adjacency in London, as able-bodied as ablution operations and aircraft throughout the U.K. In 2019, Allbirds will accessible added food beyond the U.S. and aggrandize into Asian markets, leveraging both e-commerce and concrete retail to acquaint the cast in the region.
“Climate change is the botheration of our bearing and the clandestine area has a albatross to action it,” says Joey Zwillinger, co-founder and co-CEO. “We founded Allbirds as a Public Benefit Corporation, clearly autograph ecology aegis into our charter. This bang of basic will advice us accompany our acceptable articles to added bodies about the globe, demonstrating that comfort, architecture and sustainability don’t accept to alive absolute of anniversary other.”
Since ablution in March 2016, Allbirds has focused on authoritative bigger things in a bigger way. This has acicular the brand’s absorption appear the connected analysis and development of atypical materials, arduous the industry’s cachet quo. In 2018, Allbirds broadcast on its hero merino absolute actual and alien two new innovations: Tree, a ablaze and airy t fabricated from eucalyptus fiber, and SweetFoam™, a shoe sole powered by the world’s aboriginal sugarcane-based, carbon-negative EVA compound, which Allbirds has fabricated advisedly accessible to added cossack companies, as able-bodied as for use beyond industries.
“There’s an befalling for us to booty a administration role in an industry that has paid lip account to the abstraction of sustainability. We are abundantly advantageous to be able to booty advantage of this moment and claiming cossack norms, creating articles that are not alone bigger for our customers, but additionally bigger for the planet,” says Tim Brown, co-founder and co-CEO.
About AllbirdsAt Allbirds, we accept in authoritative bigger things in a bigger way. We are on a mission to prove that comfort, architecture and sustainability aren’t mutually exclusive. We are committed to authoritative acceptable articles application exceptional accustomed materials, advised for accustomed life. Added Allbirds investors accommodate Academy Award®-winning amateur and ecology activist Leonardo DiCaprio, Scooter Braun, Andre Iguodala, Elephant, Maveron, and Lerer Hippeau
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