Innovative and sustainable footwear brand AllBirds has closed a $50m Series C funding round; the news breaks in the week before the brand makes is UK retail debut with a new store in Covent Garden.
The latest funding round was led by T. Rowe Price Investment Management, Fidelity Management & Research Company and Tiger Global and takes total funding in the brand, which was founded in 2016, to $75m.
San Francisco-based AllBirds was established by Tim Brown, a native of New Zealand, who teamed up with Joey Zwillinger, an engineer and renewables expert, to craft a wool fabric that was suitable for footwear. Together they created an entirely new category of shoes inspired by natural materials and it is now a B-Corp certified company.
The brand is known for its Wool, Tree and Sugar shoes and it has sold over a million pairs of its Wool style in under its first two years in business. It will open its first international store in a 1,600 sq ft unit on London’s Long Acre next week.