Investments

Bird Scoots Closer To $1B Valuation With $200M Funding

Electric scooter-sharing startup Bird has authorized a new $200 million round of funding that bring its valuation to around $1 billion.

In late May, it was reported that the company was trying to raise $150 million in a funding round led by Sequoia Capital.

Citing a certificate of incorporation filed in Delaware, TechCrunch reported that Bird has authorized the sale of 31.5 million new shares in its financing round at a value of $6.15 per share, which if fully sold could net the startup as much as $200 million in this round. This round would value the company at just over $1 billion.

A $100 million round in March valued the company at around $300 million.

The certificate of incorporation document was provided by Lagniappe Labs, creator of the Prime Unicorn Index.

Bird — along with its competitors, Lime and Spin — allows users to download an app to unlock the scooters and ride them for a minimal fee. There are even rumors that ridesharing company Lyft is looking to get into the electronic scooter game, while Uber acquired electric bike company JUMP in April.

Ironically, Bird’s CEO Travis VanderZanden was formerly an executive at both Lyft and Uber.

One obstacle for the market is the fact that many city governments see the scooters as a nuisance, with some even looking into banning them from its sidewalks.

For its part, Bird has initiated a “Save Our Sidewalks” campaign, urging other electric scooter companies to pledge to retrieve all vehicles from city streets every night, keep from increasing the number of vehicles in a given city — unless they are being used, on average, at least three times per vehicle per day — and offer to remit $1 per vehicle per day to city governments so they can use the money to build more bike lanes, promote safety and maintain the shared infrastructure.

VanderZanden wrote in a letter to the CEOs of Lime, Ofo, Mobike and Jump, “Although we are competitors, we all share a passion for the transformation that we are all working to bring about. But as an industry of innovators, we need to lead not just on technology, but on social responsibility. We hope that all of you join us in this S.O.S. Pledge to help our cities thrive.”

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