Allbirds raises $100m to expand store count and sustainability

Sustainable footwear brand, Allbirds has announced it has secured $100m in a new Series E Funding.

The company said the funds will be used to expand its product line into new categories, and drive its international business, as well as grow its brick-and-mortar fleet.

The investment round was led by asset management firm Franklin Templeton, T. Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management, as well as additional new and returning investors.

CEO of Allbirds, Joey Zwillinger said: “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.”

Since its launch in March 2016, the company has raised more than $200m. Allbirds currently operates 21 retail locations in the United States, Europe, Asia, and New Zealand.

Allbirds has been growing in the Asia-Pacific region where its seen strong launches in Japan and South Korea and continued growth in the Chinese market.

In April, the retailer tapped into the performance footwear market through the launch of Dasher – a running shoe made from renewable natural materials, and its best product launch to-date.

The company has also expanded into new product categories including men's and women's sustainable underwear.