What Allbirds Plans to Do With $100 Million in New Funding
Allbirds has closed a Series E funding round of $100 million.
The sustainable footwear maker announced today that it had received the investment from asset management firm Franklin Templeton, alongside T. Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management, as well as additional new and returning investors.
According to the company, the funds will be used to expand its product line into new categories, plus grow its international business and build on its brick-and-mortar fleet. (The brand currently operates 21 stores in the United States, Europe, Asia and New Zealand.)
“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,” co-CEO Joey Zwillinger said in a 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, Allbirds has raised more than $200 million. At the time, the direct-to-consumer company — co-founded by Zwillinger and former professional footballer Tim Brown — sold only one silhouette: the Wool Runner, which uses superfine merino wool from New Zealand. Since then, it has bolstered its product offerings with water-repellent trainers and socks made from Trino yarn derived from a blend of its hero materials, the Merino wool and tree fibers.
The Series E follows the launch of Allbirds’ first performance running sneaker, the Tree Dasher, which the brand describes as its “most technical shoe” and “best product launch to date.” What’s more, it pointed out the strength of its business in the Asia-Pacific region, particularly in the newer markets of Japan and South Korea, as well as its continued growth in China.
“Allbirds demonstrates what’s possible when you combine a customer-focused approach to business with a true dedication to addressing environmental issues,” added 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.”