Allbirds, the Californian brand of sustainable footwear, has closed a $100 million Series E funding round led by Franklin Templeton, alongside T. Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management and other investors.
According to The Wall Street Journal, which cites an inside source, the equity increase gives the company a valuation of about $1.7 billion.
Allbirds said that the funds will help it enter new product categories while maintaining its “unwavering commitment to sustainable material innovation.” The capital will also support growth of the brand’s international business and the expansion of its fleet of brick-and-mortar stores.
The funding round follows the launch of Tree Dashers, Allbirds’s first performance running shoe and “its best product launch to-date,” the company stressed.
It added that its international business continues to exceed expectations, especially in the Asia-Pacific region where “strong launches in Japan and South Korea and the continued growth of the Chinese market have been particularly notable.”
Allbirds currently operates 21 retail locations in the U.S., Europe, Asia, and New Zealand. The company has raised more than $200 million since its creation in 2016 by Joey Zwillinger and Tim Brown.