Allbirds announced it has filed for an IPO despite never turning a profit — and the company predicts it will be unprofitable for the foreseeable future.

Allbirds was last valued at $1.7 billion following a $100 million Series E funding round in September 2020.

• For the six-month period that ended June 30, the company reported a loss of $21.1 million.
• It reported revenue of $117.5 million, whereas revenue for the entirety of 2020 hit $219.3 million, up from $193.7 million in 2019.
• Digital sales represented 89% of total sales last year, totaling $194.6 million.

In going public, the company says it’s looking to cash in on growing demand for sustainable products — it mentioned “sustainability” 107 times in its regulatory filing, according to Reuters — and said it hopes to “help pioneer” sustainable public equity (SPO).

Allbirds has committed to cutting its per-product carbon footprint in half by 2025 and includes the amount of CO2 used in creating each product on the inside. Manufacturing polyester puts out 700 million tons of carbon in the atmosphere each year.

The company teamed up with adidas last year to design a shoe with footwear’s lowest-ever carbon footprint. According to adidas’ website, the first commercial release will be in 2022.

The company released its first running shoe, the Tree Dasher, in May 2020.

Earlier this month, Allbirds announced its own activewear collection with apparel made from eucalyptus tree fiber and merino wool, joining an activewear industry that accounted for 40% of all online sales in 2020.

A gaming company backed by Alibaba, TikTok owner ByteDance, and streaming giant Bilibili, is seeking to push into Apple’s and Google’s territory with a unique business model.

XD, owner of game store TapTap, doesn’t charge game developers a fee on in-app purchases. Instead, the company relies on advertising for its revenue.

The business model sets XD in stark contrast to other major app stores.

• Apple: 30% commission, or 15% for developers with under $1 million in yearly revenue.
• Google: 15% for the first $1 million in annual revenue, and 30% thereafter.
• Tencent: up to 50% commission.

XD is looking to expand globally after revenues dropped 4.3% in the first half of 2021. The company took a $49.9 million loss in that period as popular games matured and pandemic restrictions eased.

Earlier this year, developers flocked to XD following a dispute between Huawei and Tencent, causing its stock price to double from mid-January to mid-February. However, the market has since cooled on the company, which is down nearly 30% since the start of the year.

On Tuesday, the South Korean parliament passed a law blocking app stores from preventing alternate in-app payment systems that dodge commission fees.

On Tuesday, digital fundraising platform Snap Mobile Inc. raised a $90 million Series B. The company’s technology is focused on facilitating fundraising for high school athletic programs.

Led by Elysian Park Ventures, the private investment arm affiliated with the ownership group of the Los Angeles Dodgers, the round will accelerate the company’s expansion and development of a full-service financial management platform for its Snap Raise segment. 

Snap Raise is structured so high school athletic programs can fund their seasons and raise money year-round. To date, it has helped groups raise more than $430 million. 

The platform allows users to track, budget, and manage spending at the school and district levels while allowing them to keep 80% of funds raised. 

Outside of athletic programs, Snap Raise also serves clubs, art programs, and activity groups.

In addition to Snap Mobile, Elysian Park is an investor in E|L1 Sports, a company that pairs young athletes with world-class instructors, and Robin, a sports-centric brand-building company.