Bird officially raises $300 million
The early Bird gets the worm 🤷♂️
Posted on June 28, 2018 10:24 PM.
And there we have it: Bird, one of the emerging massively hyped Scooter startups, has roped in its next pile of funding by picking up another $300 million in a round led by Sequoia Capital.
While many startups raise money every 12 to 18 months, Bird has cut that time down to just a few months. This is Bird's third funding round this year, raising $418 million in total.
The $300 million round was led by Sequoia Capital, and joined by investors Accel, B Capital, CRV, Sound Ventures, Greycroft and e.ventures. Sequoia’s investing partner Roelof Botha will join Bird’s board of directors.
The first part of the round was raised at a $1 billion valuation, while the second half was done at $2 billion.
This is all part of Bird's strategy to raise a lot of money very quickly and expand, ...
... before the competition has any time to catch up. Bird's success so far isn't without controversy though.
Already, VanderZanden has sold millions of dollars worth of his own shares.
While selling off so much stock is usually frowned upon so early in the game, VanderZanden said it was to make room for a mentor he admired and wanted to work with.
As the scooter wars continue to heat up, cities like San Francisco are preparing themselves, ...
... drafting legislation and requiring companies to apply for permits. Despite some negative sentiment around scooters in cities, VanderZanden is confident in their solution.
“This is a huge opportunity right now to have a huge impact on transportation,” VanderZanden said. “We were the innovators on the electric scooter sharing market, and we were the first in the world to do it. We think it’s the right solution to get people out of cars. It’s lightweight. It’s easy to use. It’s affordable.”
Let's see how far Bird can fly 🤷♂️🛴
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