Allbirds inks $50 million investment
The eco-friendly sneaker start-up brand Allbirds may only be three-and-a-half years old but it has already garnered a total of $75 million in funding, after a fresh investment of $50 million, lifting its company valuation to $1.4 billion.
Allbirds just secured $50 million in funding from institutional investors T. Rowe Price, Fidelity, and Tiger Global. This funding brings the brand’s total funding thus far to $75 million, a high total for the relatively new brand, founded in 2014. The business will use a large amount of this funding for materials research and to turn the brand into a globally recognised name.
Allbirds, founded by Tim Brown and Joey Zwillinger, makes minimalist-style sneakers and flip-flops from sustainable materials such as wool, eucalyptus, and sugar-based foam. The US- based brand will continue to research eco-friendly materials as part of its goal to make the footwear industry more sustainable. As part of this, the business has made its sugar-based foam formula open source so that others in the industry can use it.
“Comfort, design, and sustainability don’t have to live exclusive of each other,” Zwillinger in a statement, as reported by Fast Company.
“Climate change is the problem of our generation and the private sector has a responsibility to combat it.”
The San Francisco-based brand is also expanding its brick-and-mortar retail presence. Allbirds recently opened a store in London and its next goal market is Asia.
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