E-scooter Firm Bird Raises $300 Million

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Bird

Dockless electric scooter startup Bird, the California headquartered startup has money pouring in as the firm is raising another $300 million in funding which is being led by crossover investor Fidelity. Prior to this round, the firm had raised the same amount that was led by Sequoia Capital.

Notably, during that capital infusion, Bird had touched the 2 billion valuation mark. The other investors in the firm include notable names like Accel, CRV, Greycroft, Index Ventures, Upfront Ventures, Craft Ventures, and Tusk Ventures.

Started in 2017 by Travis VanderZanden, Bird has been expanding rather rapidly. The year 2018 saw them operate in more than 100 cities across the United States and a few European countries. However, the company has involved in few official issues as well where it has found that the firm has dumped their scooters without informing the officials in random cities. Faulty batteries of the Bird scooters have also found themselves at the center of controversy.

Interestingly, Bird’s biggest rival Lime, the San Francisco-based firm has been expanding their offerings in a few new verticals. Apart from bikes and scooters, the firm launched a line of shareable vehicles called LimePods across Seattle. LimePods have attracted a number of investors. Lime is seeking fresh investment as well from Silicon Valley investors in the range of $400 million with the valuation of about $3 billion.

With a lot of uncertainties around the e-scooter segment, one would think that the fresh capital has arrived for Bird at an absolutely perfect time. It will be interesting to see how the company manages to utilize the fresh funds.

 

Image Courtesy : Jconline

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