Electric scooter rental Bird 'flies' above $2.3B funding valuation
Category: #business  By Mateen Dalal  Date: 2019-07-26
  • share
  • Twitter
  • Facebook
  • LinkedIn

Electric scooter rental Bird 'flies' above $2.3B funding valuation

Sequoia Capital may lead the upcoming funding round for Bird.

It is expected to increase the startup's valuation by $0.2 billion.

California based electric scooter startup- Bird Scooters has claimed to be valued at $2.5 billion in a recent funding round led by the venture capital firm Sequoia Capital. The funding has resulted in a slight increase in Bird's valuation – now above the $2.3 billion mark as reported from the amount last year.

Due to the venture capital investors’ eagerness to invest money in scooter startups, the funding last year doubled the company's previous valuation. However, it has been reported that, due to the issues of vandalism and theft, investors are now wary of spending capital on electric scooter firms and are unsure about the money making capability of these companies.

Speculations have been doing rounds that the total capital expected to be raised by Bird has not yet been finalized.

Roelof Botha, a previous investor in Bird has cited that the company has successfully accomplished milestones in achieving rapid growth and strong economics and its innovation across a spectrum of domains is unparalleled.

Travis VanderZanden, the CEO of Bird has reported that Bird carries positive unit economics on its brand new Zero scooters that accounts for over more than 75% of its fleet.

Initiating its operations in 2017, Bird Scooters grew extensively at a commendable pace as it was responsible for bringing fleets of scooters to different cities around the country. The company has invested in reforming its fleet to much heavier and more durable scooters. In the year 2018, the company introduced a model that lasted for over 10 months and made up over more than 75% of the fleet increasing the revenue four times.

There were no comments received from the Bird officials over the current funding phase.

Source credit: http://www.forbesindia.com/article/special/electric-scooter-startup-bird-could-raise-new-funding-at-$2.5-billion-valuation/54481/1

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

Dermtech signs a commercial & medicare advantage coverage agreement
Dermtech signs a commercial & medicare advantage coverage agreement
By Mateen Dalal

DermTech Inc., a San Diego based biotechnology company that is involved in precision dermatology, has recently announced signing a contract with a regional health plan to develop its gene expression based PLA (Pigmented Lesion Assay) for prior detect...

CoImmune Inc. inks all-stock merger deal with Formula Pharmaceutical
CoImmune Inc. inks all-stock merger deal with Formula Pharmaceutical
By Mateen Dalal

The merger will bring two therapeutic immune-oncology platforms together Focus shall be placed over Phase 1 and Phase 2 trials of CAR-CIK and CMN-001 respectively U.S.-based bioscience firm CoImmune, Inc., announces partnership with Formula Phar...

Adverum reviews recent business progress and unveils its 2020 outlook
Adverum reviews recent business progress and unveils its 2020 outlook
By Mateen Dalal

Adverum Biotechnologies, a California based biotech company, has reportedly announced that it has examined its recent business & development progress. The company has also unveiled its outlook for 2020. Leone Patterson, president and chief execu...