Woolly shoe company Allbirds targets $ 2 billion Nasdaq listing
Sustainable kiwi shoe company Allbirds is gearing up to debut on Wall Street with an initial public offering that could value it at over $ 2 billion ($ 2.72 billion).
The direct-to-consumer wool shoe brand has cult status in its native New Zealand where its sneakers are worn by Prime Minister Jacinda Arden and in Silicon Valley, where venture capitalists and startup founders pair the sneakers with their Patagonia jackets. Allbirds shoe enthusiasts range from Google co-founder Larry Page to Allbirds actor and investor Leonardo DiCaprio.
Allbirds has filed an S-1 application to be listed on the technology-dominated Nasdaq exchange in an application that has shown high growth but also increasing losses in the business.
Allbirds lost $ 14.5 million in 2019, which widened to $ 25.9 million in 2020, according to the S-1 filed with the Securities Exchange Commission (SEC). However, the company’s revenue continued to grow from $ 193.7 million in 2019 to $ 219.3 million in 2020.
Online sales accounted for 89% of Allbirds’ total sales, with more people shopping online due to the COVID-19 pandemic. The company has also benefited from the shift to casual attire.
Last year, Allbirds raised US $ 100 million in a funding round valuing the company at US $ 1.7 billion. While the startup has listed the size of its offering at $ 100 million, that figure is just a placeholder and will change when the terms of the stock sale are set, with reports Allbirds is seeking to be. valued at $ 2 billion or more.
The company was started in New Zealand by Joseph Zwillinger and Timothy Brown in 2015 with the duo launching a Kickstarter campaign a year later for “Wool runners: No socks.” No smell âwhich raised $ 120,000.
Mr Brown came up with the idea of ââusing wool to make shoes when he was a professional footballer for the Newcastle Jets in Australia and Wellington Phoenix in New Zealand and partnered with the former tech entrepreneur own, Mr. Zwillinger.
âComing from New Zealand, the land of sheep, I saw an opportunity, in wool, that miracle fiber that had been overlooked or, you know, maybe it was just a really bad idea,â he said. he declared. Age and The Sydney Morning Herald in a previous interview.