All­birds set for ex­pan­sion af­ter $76.7m fundrais­ing

Waikato Times - - Business -

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.

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