Allbirds, a brand new start-up wool sneaker brand known for its comfort, announced on September 5 that it had completed a $17.50 million Series B round of financing, led by private equity fund Tiger Global Management LLC. Last September, Allbirds completed a Series A round of financing of 7.25 million U.S. dollars. Since its establishment in 2015, the company has raised a total of US$275 million in funds raised. Tim Brown said: "We have a lot of room for development in the retail sector of the direct channel. At present, our business is mainly retail, but this does not mean that we will not develop wholesale channels."
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Allbirds did not disclose the company's annual sales and profitability, but said that the funds it has financed will be used for product development, expansion of the international market, and opening of stores. Allbirds currently has a physical store in its headquarters in San Francisco and expects to open a second store in the United States this month, but the location has not yet been announced.
In July of this year, Allbirds teamed up with three local lifestyle brands in Los Angeles to launch a flash store in the central station market in Los Angeles and plans to open another flash store in the SoHo area in New York this fall.
Allbirds from New Zealand was founded in 2014 by Joey Zwillinger and former New Zealand soccer team international Tim Brown. There are more than 50 employees and currently only Runner and Louger wool sneakers. Famous designers Tom Ford and Giorgio Armani are also their customers.
Allbirds are priced at $95 each and are available in both men's and women's styles. The available colors are green, grey, blue and yellow. Machine wash is supported. At present, Allbirds sports shoes are only sold in the United States and New Zealand. In addition, the company also has an online store and cooperates with third-party logistics providers in New Zealand and Nashville.
In 2016, the Allbirds boom swept the entire Silicon Valley, becoming part of a number of startup company executives and venture capitalist dress standards. Fans praised it as being comfortable and cost-effective.
Tim Brown also said: “We have never forgotten our original intention: 'natural material innovation', that is, using environmentally friendly materials to produce better shoes. The funds raised will also be used for new materials. R&D will ultimately help solve various existing problems in footwear production and further promote business growth. At present, our business is still dominated by footwear, but in the future it may expand to other product categories." 
January 27, 2023