Allbirds has announced that they have raised $100 million in funding. The Series E funding will be used to help the retailer in its next phase of growth – to enter new product categories and maintain their commitment to sustainable innovation in the industry.
Another key part of Allbirds’ capital initiatives will be to grow their business and expand brick-and-mortar stores. Currently, the company operates 21 stores in the US, Europe, Asia and New Zealand. The company’s international arm will also continue to exceed expectations with its physical footprint. Store openings in the Asia-Pacific region have been notably strong for the company, and they plan to continue to grow in the Chinese market.
Allbirds launched online in 2016 and has since expanded offline. Last October, the retailer announced they would be opening 20 additional stores in 2020. Their first two stores opened in San Francisco and downtown Manhattan in 2018. The company’s momentum for brick and mortar has allowed them to create more excitement around their footwear brand, allowing customers to touch, feel and try on their products.
Although the pandemic has brought unprecedented challenges for the retail industry, their massive funding proves their investor’s commitment towards the brand. It also showcases the evident enthusiasm towards Allbirds’ customer-focused business model and continued focused on sustainability. Since opening, the company has raised more than $200 million in funding.
“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. 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,” said Joey Zwillinger, Co-CEO.
The combination of Allbirds’ dedication to combatting environmental issues and commitment to expanding their brick-and-mortar footprint shows that the brand realizes the logistical issues that often arise with e-commerce. E-commerce shortcomings have been evident throughout the pandemic and will continue to play out in the foreseeable future. Brick-and-mortar retail serves as the channel with most ideal opportunities for Allbirds.
Although the retailer is still relatively small amongst their major competitors, they’ve got enormous potential for innovation in the industry.
At Allbirds, we believe in making better things in a better way. Since inception, we have balanced purpose and profit, with a focus on combating the proliferation of petroleum-based materials in apparel and footwear. Our story began with superfine New Zealand Merino Wool, but we have since developed a Eucalyptus fiber knit fabric and a Sugarcane-based EVA foam, which we open-sourced for all to use, including competitors. We believe that collaborative development and the sharing of technologies will help protect the planet for future generations. Let’s get better, together.