Allbirds has announced it has raised US$17.5 million (approximately $24 million NZD) in Series B funding. Led by Tiger Global Management LLC – which prominent New Zealander Jamie Beaton is an analyst for – Allbirds says it will use the funds for research and development into novel, sustainable materials, as well as to expand internationally, and grow its retail footprint in New Zealand and in the US. Other participants in the Series B include Elephant and existing investors such as Maveron and Lerer Hippeau. In combination with the US$10 million Allbirds raised in previous funding rounds, the Series B brings total equity funding to US$27.5 million since its founding in 2015.
Check out this podcast with Tim Brown of Allbirds:
“We see an opportunity to be leaders in sustainable manufacturing in an industry that has not paid enough attention to its impact on the environment; this fresh capital will allow us to make further strides in material innovation and our brick-and-mortar retail presence,” says Joey Zwillinger, co-founder and co-CEO of Allbirds.
Allbirds’ other co-founder and co-CEO, former All White Time Brown, is also pretty thrilled. “We are incredibly fortunate to have the opportunity to challenge industry norms and create products that are not only more comfortable for our customers, but also better for the world.”
Tiger Global partner Lee Fixel says big things are expected. “The Allbirds team has shown a tremendous ability to create a differentiated product while also growing a large direct-to-consumer business in an industry dominated by the wholesale business model. We are excited to support continued growth of the business and further expansion into global markets.”
Since launching 18 months ago, Allbirds has grown their San Francisco-based team to over 50 employees. “We have a deep commitment to sustainable innovation in a category that hasn’t changed in many decades,” says Zwillinger. “We have big plans for 2018 and are looking forward to investing these funds to extend the early traction we have created with the Wool Runners and Loungers.”
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