How Allbirds Became a $1.4 Billion Company
“If you started a company that was valued at $1.4 billion after just two years, you’d probably be pretty proud–of the valuation, your product, and yourself,” writes Cameron Albert-Deitch in an article for Inc.
“Allbirds co-founders and co-CEOs Tim Brown and Joey Zwillinger are most proud of what they call SweetFoam.”
“It’s made from sugar cane, and as a result, it’s carbon-negative–sugar cane actually sucks carbon from the air.” They even published the recipe for their SweetFoam for everyone to see this past August.
“Releasing their formula was equal parts altruistic and pragmatic, Zwillinger said”: “The altruism is that if everyone uses this, it’s going to be great for the environment. The pragmatism is that if everyone uses it, the cost is going to go down.”
“That’s the Allbirds ethos in a nutshell,” writes Albert-Deitch.
After launching in March 2016 with a direct-to-consumer model, the San Francisco-based footwear “quickly gained a reputation for quality and commitment to environmental sustainability.”
“That turned into growth: Allbirds racked up $100 million in total revenue over its first two years, and already employs nearly 150 full-time staffers. An October fund raise of $50 million led by T. Rowe Price brought its reported valuation to the aforementioned $1.4 billion, all from only three product lines,” as reported in the article.
“We’re clearly on a great trajectory, so we’re really happy about that–but we’re also such a drop in the bucket,” said Zwillinger. “It feels like we’re just getting started.”
“A focus on materials encourages more of a spotlight on the company’s sustainability efforts, which Neil Blumenthal, the Warby Parker co-founder and co-CEO, considers crucial to the brand’s popularity.”
“If there’s a brand that defines authenticity, I think it’s Allbirds,” Blumenthal said.
Article Source: Inc, Cameron Albert-Deitch, December 4, 2018
Image Source: Twitter – Allbirds