Back in 2017, it seemed like you couldn’t walk into a cafe or office building without seeing a pair of Allbirds. After launching in 2016, the company’s flagship wool sneaker became the unofficial shoe of San Franciscan techies. And although the initial hype may have died down, the brand is here to stay.
On Monday, Allbirds announced that it raised $100 million in a Series E funding round led by Franklin Templeton.
The company says that this new funding will help it continue its expansion efforts. It has seen notable success in Asia, as sales in Japan and South Korea have exceeded expectations. The company calls out that it has been steadily growing in China as well.
Allbirds plans to build off this momentum by opening more brick-and-mortar retail locations. Currently, the brand has 21 retail locations in the United States, Europe, Asia and New Zealand.
On top of that, Allbirds plans to invest this new capital into developing new products. Although its name is most associated with cozy wool shoes for walking or lounging, the brand has also released a pair of running shoes — which the company says was its “best product launch to-date.”
While entering new product categories, Allbirds wants to continue its focus on sustainability. The company is registered as a B Corp, which means it’s legally required to consider the impact its business has on things like its workers, customers, suppliers, community and the environment.
Because these things are important to the company, it uses post-consumer recycled materials in its packaging, donates lightly used shoes to people in developing countries and operates as a carbon-neutral business. Allbirds says that it will continue to prioritize its social and environmental impact as it expands.
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