Scooter company Bird has announced a $275 million Series D funding round, bringing its valuation to $2.5 billion. CDPQ and Sequoia Capital led the round, with the fresh capital being used to help Bird get closer to profitability, as well as enable ongoing vehicle research and development.
“Nearly a year ago, we recognized that the world was changing. Gone are the days when top-line growth was the leading KPI for emerging companies. Positive unit economics is the new goal line,” said Travis VanderZanden, founder and CEO of Bird, in a press release. “As a result, we pivoted from growth to unit economics as the top priority for the company. Now, with the best unit economics in the industry, new Bird investors such as CDPQ see that we are paving the road for a long-term sustainable and healthy business.”
Less than a year after announcing Bird Zero, the company introduced Bird One, which was created for the shared micro-mobility market. Bird Two soon followed, as well as Bird Cruiser, a seated electric vehicle.
“Bird fits directly within our strategy to invest in innovative and disruptive tech sectors, such as sustainable mobility,” said Jeffrey R. Smith, senior managing director of digital investment strategy at CDPQ. “This new partnership also supports our commitment to take part in the transition toward a less carbon-intensive global economy. We look forward to continue building a business which provides innovative micro-mobility solutions in cities around the world.”
Sequoia Partner and Bird Board Member Roelof Botha added, “The team at Bird exemplifies grit, and has embraced a laser focus on the key drivers of unit economics in a complex business. The degree to which they were devoted to and accomplished strong contribution margins in a compressed timeline is rare for a company so early on in its development. We are thrilled to strengthen our commitment to Bird, and look forward to seeing continued progress on their path to profitability.”