Can Allbirds Live Up to Its $1 Billion Valuation?
The wool sneaker brand aims to widen its appeal before a possible public offering, including opening a lot more stores.
The Tree Dasher, a running shoe launched in May, is part of the company’s plan to win over a broader audience.
Source: Allbirds
Allbirds Inc. has already beaten the odds in the startup world by raising a quarter of a billion dollars and turning earth-friendly wool sneakers into a legit product category. But the company behind Silicon Valley’s favorite footwear now faces another daunting challenge: impressing investors ahead of a potential initial public offering.
That’s coming after its rising unicorn valuation cooled off last year. In September, Allbirds raised $100 million in a Series E round from large investment firms like Franklin Templeton and T. Rowe Price. According to researcher Pitchbook, the company’s value nudged down to an estimated $1.7 billion from $1.73 billion in January 2020. Allbirds confirmed those numbers, while declining to provide details on its financial performance or an IPO.