Allbirds set for expansion after $76.7m fundraising
Allbirds’ successful raising of US$50 million (NZ$76.7 million) will drive expansion into the United Kingdom and Asia and help fund research into more sustainable footwear materials. The company, co-founded by Kiwi Tim Brown, pictured, has made its name from comfy sneakers made from New Zealand merino wool. The fundraising was led by T. Rowe Price Investment Management, with Fidelity Management & Research Company and return backer Tiger Global, which last year invested received US$17.5m. Allbirds has stores in San Francisco and New York, and sells direct to customers through websites in the United States, New Zealand, Australia and Canada. Next week the brand will launch into the UK, opening its first store in London’s Covent Garden, and next year it will expand into Asian markets and open additional outlets in the US. The injection of capital will also support further research and development of sustainable materials.