San Francisco – November 5, 2018 – Cooley advised eco-friendly footwear company Allbirds on its $50 million Series C financing, bringing the company’s total funding to more than $75 million. Partners Peter Werner and Bradley Libuit led the Cooley team advising Allbirds on the funding.
T. Rowe Price led the round, which also included participation by Fidelity and return backer Tiger Global. Allbirds plans to use the new capital to support deep research and development of sustainable materials, as well as an ambitious expansion strategy.
“Climate change is the problem of our generation and the private sector has a responsibility to combat it,” Joey Zwillinger, Allbirds’ co-founder, said in a statement. “This injection of capital will help us bring our sustainable products to more people around the globe, demonstrating that comfort, design and sustainability don’t have to live exclusive of each other.”
Allbirds is dedicated to making better things in a better way, using premium natural materials – including merino wool, a fabric made from eucalyptus fiber and a shoe sole made with a sugarcane-based, carbon-negative compound – to create sustainable footwear.
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