SANTA MONICA, Calif., Oct. 5, 2019– Bird, the leader in micro-mobility, today announced its Series D funding round.
CDPQ and Sequoia Capital led the $275 million round as a result of Bird’s shift from rapid and expensive growth to creating industry leading positive unit economics and building a sustainable business. The capital will help Bird continue on its path to profitability and ongoing vehicle research and development.
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.
“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.”