Sep 28, 2020   SOURCE: BusinessWire

Allbirds Closes $100M Series E to Continue Growth and Further Sustainable Mission

Today, Allbirds is announcing a $100M Series E funding round led by Franklin Templeton, alongside 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.

The Series E round will help Allbirds strategically enter new product categories while maintaining its unwavering commitment to sustainable material innovation. The capital will also continue to support the brand’s fast-growing international business and aid in the ongoing expansion of its fleet of brick-and-mortar stores.

Despite the retail industry’s unprecedented challenges, the size of Allbirds’s Series E is an indication of investors’ continued enthusiasm for its stakeholder-centric business model that produces products that are better for consumers and the environment.

The Series E follows the successful launch of Tree Dashers, Allbirds’s first performance running shoe and its best product launch to-date. Additionally, the international arm of the business continues to exceed expectations, especially in the Asia-Pacific region where strong launches in Japan and South Korea and the continued growth of the Chinese market have been particularly notable.

“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,” says Allbirds Co-CEO Joey Zwillinger. “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 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,” says Sara Araghi, Research Analyst and Portfolio Manager at Franklin Templeton.

Allbirds currently operates globally with 21 retail locations in the United States, Europe, Asia, and New Zealand. The company has raised more than $200M since its launch in March 2016.