Allbirds acquires $17.5 million in Series B funding
The new round of investment brings the San Francisco-based company’s total funding to $27.5 million. Tiger Global Management, which has also backed Warby Parker, led the initiative.
Former soccer player and New Zealand native Tim Brown created the brand as a response to the frustration he felt with the excessive logos on shoes he received during his sports career. Allbirds was founded with the launch of a successful Kickstarter campaign in 2015, released its first shoe in 2016, and has since developed a following for logo-less, unisex sneakers made from merino wool. The company released a second shoe in a slip-on style in April of this year.
The company plans to use its latest funding, courtesy of New York-based Tiger Global Management as well firms such as Lerer Hippeau Ventures and Maveron, to open more stores. Allbirds currently has just one store, opened earlier this year on the ground floor of its San Francisco headquarters. Allbirds will also host a pop-up shop in Soho this month, and could potentially open a permanent New York City store.
Allbirds has plans to use the funds to research new materials as well, with the intention of expanding the line beyond its signature merino wool style. The brand is committed to using sustainable and natural ingredients, a perspective it claims the footwear industry is lacking.
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