- Allbirds announced a $100 million Series E funding round led by Franklin Templeton. These are the details.
Allbirds is announcing a $100 million Series E funding round led by Franklin Templeton along with T. Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management, and additional new and returning investors. As a certified B Corp, Public Benefit Corporation, and carbon-neutral business focused on combating climate change, Allbirds proves that doing well as a business does not have to come at the expense of doing good for the planet.
This round of funding will enable Allbirds strategically enter new product categories while maintaining its commitment to sustainable material innovation. And the funding will also continue to support the brand’s fast-growing international business and help in the ongoing expansion of its fleet of brick-and-mortar stores.
The size of Allbirds’s Series E is an indication of investors’ enthusiasm for its stakeholder-centric business model that produces products that are better for consumers and the environment. And the Series E follows the successful launch of Tree Dashers — which is Allbirds’s first performance running shoe and its best product launch to-date.
The international arm of the company has been continuing to exceed expectations, especially in the Asia-Pacific region where it saw strong launches in Japan and South Korea. The continued growth of the Chinese market has been particularly notable as well.
Currently, Allbirnds operates globally with 21 retail locations in the United States, Europe, Asia, and New Zealand. And the company has raised over $200 million since its launch in March 2016.
According to The Wall Street Journal’s sources, this round of funding was at a $1.7 billion valuation.
KEY QUOTES:
“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. 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.”
— Allbirds Co-CEO Joseph Zwillinger
“Allbirds demonstrates what’s possible when you combine a customer-focused approach to business with a true dedication to addressing environmental issues. 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.”
— Sara Araghi, Research Analyst and Portfolio Manager at Franklin Templeton
