On September 28, sustainable and innovative fashion brand Allbirds announced the completion of a US$100 million Series E financing, led by capital management company Franklin Templeton, T Rowe Price, Baillie Gifford, TDM Growth Partners, Institutions such as Rockefeller Capital Management followed suit.
Founded less than 4 years ago, Allbirds has raised more than 200 million US dollars. Earlier this year, Allbirds just completed a $75 million Series D financing. Investors include Baillie Gifford, Fidelity Management & Research, and famous Hollywood actor Leonardo DiCaprio.
According to Sandeep Verma, head of Allbirds international business, the latest financing will be mainly used for new product development, international business expansion, and physical retail store expansion.
The Allbirds brand comes from San Francisco, USA. It was co-founded in March 2016 by New Zealand professional football player Tim Brown (Tim Brown) and another partner, recycled materials scientist Joey Zwillinger (Joey Zwillinger). The current company The latest valuation is 1.7 billion US dollars (about 11.6 billion yuan).
Last year, co-founder Joseph Zweilinger published an open letter urging competitors to "plagiarize our way of achieving sustainable development" and said that Allbirds' plant-based shoe upper technology would be disclosed to all inquiring companies.
The company said that as of January, 20 brands intend to use Allbirds' open source technology to make products.
Competing with Nike and other existing sportswear companies is a difficult task, considering that it is an almost natural footwear. Allbirds believes that sticking to its greatest advantage-this bright spot that is good for the planet-is the perfect opportunity for Allbirds to remain invincible.
The company is now focusing on its running shoes Dasher. Some people doubt whether the company can successfully enter this market dominated by companies such as Nike and well-known professional brands such as ASICS, New Balance and Brooks.
Jeff Dengate, senior review editor of Runner’s World magazine, said: "I really don't know why companies choose to enter the running shoes field in 2020. This is an extremely competitive market."
Furthermore, the everyday sports shoe market was already like this before the birth of Allbirds. The company claims that the launch of Dasher created the third-highest single-day sales in its history, while the top two highest single-day sales occurred during the holiday season.
Zwillinger said: “It’s weird to say that a certain company is lucky at this time.” Zwillinger was a biotech engineer and hosted a dinner for Brown who was a professional football player at the time. Brown later Became the co-founder of the company. "But we are lucky: running is not prohibited."
Allbirds was initially only sold online, but now half of its stores are outside the United States, including Chengdu, Amsterdam, Berlin, and Tokyo.
Brown said: "In my opinion, the entire world needs this unique product more than ever.
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