Dockless electric scooter startup raises $275 million Series D funding to make transportation better and more environmentally friendly
Bird, a Santa Monica, CA-based dockless electric scooter startup company developing a vehicle sharing platform, has raised $275 million Series D round to continue on its path to profitability and ongoing vehicle research and development. The round was led by CDPQ and Sequoia Capital.
Founded in 2017 by a former Uber and Lyft executive, Travis VanderZanden, Bird is changing the future of transportation by providing an on-demand personal electric vehicle sharing network. Bird operates as a dockless electric scooter company developing a vehicle sharing platform. They work closely with cities to help make transportation better and more environmentally friendly.
“Nearly a year ago, we recognized that the world was changing. Gone are the days when top line growth was the leading KPI for emerging companies. Positive unit economics is the new goal line,” said Travis VanderZanden, founder and CEO of Bird. “As a result, we pivoted from growth to unit economics as the top priority for the company. Now with the best unit economics in the industry, new Bird investors such as CDPQ see that we are paving the road for a long term sustainable and healthy business.”
Bird’s custom designed and engineered vehicles play a pivotal role in its unit economics. Less than a year after announcing Bird Zero, which has a lifespan of over 12 months, the company unveiled Bird One, a next generation e-scooter built for the shared micro-mobility market. Shortly following Bird One came Bird Two, which is available in Los Angeles, and Bird Cruiser, a seated electric vehicle, both of which are more efficient and sustainable transportation options that reduce the number of cars on the road.
“Bird fits directly within our strategy to invest in innovative and disruptive tech sectors such as sustainable mobility,” said Jeffrey R Smith, Senior Managing Director, Digital Investment Strategy, CDPQ. “This new partnership also supports our commitment to take part in the transition toward a less carbon-intensive global economy. We look forward to continue building a business which provides innovative micro-mobility solutions in cities around the world.”
“The team at Bird exemplifies grit and has embraced a laser focus on the key drivers of unit economics in a complex business. The degree to which they were devoted to and accomplished strong contribution margins in a compressed timeline is rare for a company so early on in its development,” said Roelof Botha, Sequoia Partner and Bird Board Member. “We are thrilled to strengthen our commitment to Bird and look forward to seeing continued progress on their path to profitability.”