Scooter Startup Bird Doubles Valuation to $2 Billion in 4 Months
The company has raised over $400 million in four months.
PHOTO CREDIT: Getty Images
- Scooter startup Bird has raised $300 million in a round that values the company at $2 billion.
- The funding round comes just months after the startup raised $100 million.
- Silicon Valley investors are pouring money into dockless scooters, as they bank on the devices becoming a permanent part of how people get around in cities.
Just months after raising $100 million, electric scooter startup Bird announced on Thursday it closed another round of funding, raising $300 million in a round led by Sequoia Capital.
The current round values the company at $2 billion, according to a source close to the matter.
The massive funding round comes as Silicon Valley investors are pouring money into dockless scooters, as they bank on the devices becoming a permanent part of how people get around in cities. The speed at which Bird is acquiring money is almost unheard of. In just four months, the company has not only skyrocketed in valuation, but raised more than $400 million.
The most recent round was led by Sequoia Capital with participation from new investors Accel, B Capital, CRV, Sound Ventures, Greycroft and e.ventures. Previous investors Craft Ventures, Index Ventures, Valor, Goldcrest Capital, Tusk Ventures, and Upfront Ventures also participated.
Roelof Botha, a partner at Sequoia, will join Bird's board of directors.
Bird works by allowing users to reserve a nearby scooter via a smartphone app, ride around on it for a small fee, and, at the end of the journey, leave the scooter anywhere to be claimed by the next rider.
The scooters have been rapidly expanding into cities across the country. And while the scooters have become popular, Bird -- along with rival e-scooter company Lime -- have faced harsh criticism from city officials who say they have unleashed thousands of scooters on city streets with little-to-no-warning.
In San Francisco, Bird awaits as transportation officials decide if the company will get a permit that allows it to operate in the city.