Monday, 28 September 2020

Allbirds raises $100 million to fund growth and sustainability mission




San Francisco-based Allbirds announced on Monday the closing of a Series E funding round of $100 million, which will help the footwear maker strategically enter new product categories while maintaining its commitment to sustainability. 

The funding round led by Franklin Templeton, alongside T. Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management, and additional new and returning investors, will also continue to support the brand’s international business and the expansion of its brick-and-mortar fleet.

“Business can be a force for positive change, and this additional capital will allow us to further our mission of bringing more sustainable products to people around the world,” said Allbirds co-CEO, Joey Zwillinger, in a news statement. 

“We have seen the power of collective action in response to the global pandemic and, as we continue to grow, we will push for a similar united response to another universal threat: climate change.”

Since its launch in March 2016, the company has raised more than $200 million. It currently operates 21 retail locations in the United States, Europe, Asia, and New Zealand, and has experienced continued success internationally. 

Allbirds have been growing in the Asia-Pacific region where its seen strong launches in Japan and South Korea and continued growth in the Chinese market. 

Most recently, it also launched the Tree Dashers, Allbirds’s first performance running shoe, and its best product launch to-date. It has equally expanded into new product categories including men's and women's underwear made from natural and environmentally friendly materials.

“Allbirds demonstrates what’s possible when you combine a customer-focused approach to business with a true dedication to addressing environmental issues,” said Sara Araghi, research analyst and portfolio manager at Franklin Templeton.

“We've been impressed with the company’s outsized growth in a competitive category, and are thrilled to invest with them in the hopes of creating a more sustainable future.”

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