Allbirds cofounders Tim Brown(left) and Joey Zwillinger Allbirds

Allbirds, The environmentally friendly footwear known for offering shoes made out of stuff like eucalyptus tree fiber and bioplastic foam from sugar cane has now raised $50 million in new funding from T. Rowe Price, Fidelity and Tiger Global which now brings the total raised by the company to $77.5 million and is said to value the company at $1.4 billion.

Allbirds began in 2014 following a research grant from the New Zealand wool industry to engineer a sneaker, The idea then launched on Kickstarter and raised $119,000 in the span of just 5 days with its co-founder Tim Brown then teaming up with biotech engineer and renewable energies expert Joey Zwillinger to take on the effort.

Allbirds

Starting from offering just one product, the Wool Runner, Allbirds has grown to having retail locations across New York, Toronto and its hometown of San Francisco and plans to open stores in Los Angeles, Boston, Chicago and Washington, D.C. A launch in the U.K. is also scheduled for next week as well.

Allbirds

The company has made partnerships with the likes of Outdoor Voices, Shake Shack and Nordstrom for offering of limited edition sneakers in addition to its own made out of Wool, Tree and Sugar Cane as well as recycled  bottles, cardboards and Castor Bean Oil used for its shoe laces, packaging and bio-foam interior respectively.

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print