Allbirds, a footwear company that officially launched in 2016, may be ready to go public soon, according to the New York Times DealBook. Allbirds is in discussions with various banks to discuss an IPO. CNBC noted the company would enter a market “fueled by a recent slew of tech IPOs.”
The sustainable footwear brand has great popularity in Silicon Valley and has thus far raised $202.5 million, according to Crunchbase data.
Allbirds makes footwear from sustainable wool and other earth-friendly materials. The company is focused on making quality shoes and has added clothing to its product offerings. Long-term, Allbirds intends to become fully carbon neutral. Those who prefer eco-friendly investments may be interested in Allbirds once it goes public.
How Allbirds got started and its journey toward going public:
Allbirds began with an idea by New Zealand native Tim Brown, who in 2014 began to wonder about the potential of merino wool to provide sustainable material for shoes. In 2016, he and co-founder Joey Zwillinger, a renewable materials expert, teamed up to develop its wool fabric specifically designed for shoes.
Allbirds is a Certified B Corporation, a designation given to only those companies who meet high standards regarding “social and environmental performance, public transparency, and legal accountability to balance profit and purpose.” The Honest Company is another Certified B Corp going public.
Allbirds aims to use sustainably sourced natural materials. It also uses 90 percent post-consumer recycled cardboard in its all-in-one shoebox and mailing package.
The company intends for 100 percent of its wool to come from regenerative sources by the year 2025 and believes in agriculture's potential to reverse climate change. Allbirds says, “We craft with planet-friendly natural materials, like merino wool and eucalyptus trees, because they're our best chance for a sustainable future.”
Allbirds has techniques for measuring its carbon footprint by looking at materials, manufacturing processes, product use (factoring in the resources for customers to wash items), end of life (landfills or other means of disposal), and transportation of products.
Here's a breakdown of Allbirds' investors and funding:
Allbirds has conducted seven rounds of fundraising since 2015. Here’s a quick summary of its funding rounds as shown by Crunchbase:
- Seed Round: 2015
- Seed Round : In 2016, Allbirds held a $2.7 million seed round.
- Series A: In 2016, it conducted a Series A round for $7.3 million.
- Series B: Allbirds raised $17.5 million in 2017.
- Series C: In 2018, a $50 million raise was led by T. Rowe Price.
- Series D: In January 2020, it raised $25 million, led by Baillie Gifford and Fidelity.
- Series E: In September 2020, a $100 million Series E was led by Franklin Templeton Investments.
When will Allbirds go public with an IPO?
Allbirds is somewhat early in the process since it has only begun interviewing banks to prepare for an IPO. The company’s last valuation, at the time of its Series E funding round, was $1.7 billion.
In a company statement, Allbirds noted that its focus has always been “doing what is best for our stakeholders (planet, people, investors) at the right time and in a way that helps the business grow in a sustainable fashion.”