Bird is a micro-mobility startup that seeks to provide quick transportation solutions across cities around the world. Through its flagship electric scooters and bikes offerings, the startup aims to provide short-distance mobility solutions that do not add to pollution, traffic congestion and gridlock. The startup’s e-scooters and e-bikes are available in over 100 cities across North America, Europe, Middle East, and South America. In addition, Bird micro-mobility solutions are available at select universities across the United States.
The scooter startup announced it has raised $275 million in funding during a Series D funding round, which was led by CDPQ and Sequoia Capital. The funding comes as the Bird’s focus has greatly shifted over the past twelve months. Starting off focused on “rapid and expensive growth,” Bird is now committed to positive unit economics and continuing to build a more sustainable fleet of scooters and bikes. The startup notes that the Series D funding will be primarily utilized to continue ongoing vehicle research & development efforts.
“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. 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,” noted Bird founder and CEO, Travis VanderZanden.
SANTA MONICA, Calif., Oct. 3, 2019 /PRNewswire/ — Bird, the leader in micro-mobility, today announced its Series D funding round. CDPQ and Sequoia Capital led the $275 million round as a result of Bird’s shift from rapid and expensive growth to creating industry leading positive unit economics and building a sustainable business. The capital will help Bird continue on its path to profitability and 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. “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.”
Bird’s custom designed and engineered vehicles play a pivotal role in its unit economics. Less than a year after announcing Bird Zero, which has a lifespan of over 12 months, the company unveiled Bird One, a next generation e-scooter built for the shared micro-mobility market. Shortly following Bird One came Bird Two, which is available in Los Angeles, and Bird Cruiser, a seated electric vehicle, both of which are more efficient and sustainable transportation options that reduce the number of cars on the road.
“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, Digital Investment Strategy, 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.”
“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,” said Roelof Botha, Sequoia Partner and Bird Board Member. “We are thrilled to strengthen our commitment to Bird and look forward to seeing continued progress on their path to profitability.”