Bloomberg: Allbirds, Sustainable Sneaker Brand Prepares for IPO
Posted on September 4th 2021, 6:32:25 pm
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is expanding beyond wool trainers and is becoming the preferred sneaker brand of Silicon Valley. The sneaker brand is now filing for an initial public offering to be listed under the symbol of BIRD on Nasdaq.
Allbirds expects to be valued at $2 billion and keep the size of listing at around $100 million. According to the filing, the company’s revenue from the last 6 months grew 27%, to $118 million. However, its losses increased from $9.5 million to $21 million at the same time.
The brand is committed to keeping the balance between profit and sustainability. Allbirds is required to publish an impact report on its contribution to the society and environment. The report should include efforts on establishing human rights policy, creating a diverse workplace and encouraging supply partners to promote environmental protection and sustainability. Sustainability has been a trend that many companies adopted, but disclosing these requirements in a legally binding document adds legitimacy to these pledges.
Allbirds is a prospective company, which secured $100 million in funding in a Series E funding round in September. The company’s investors are big names such as Franklin Templeton and T. Rowe Price.