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Wednesday, April 17, 2024
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Sustainable Shoe Maker Allbirds Files For An IPO

Allbirds/Design: Alex Brooks

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.

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