Allbirds is looking to enter the public arena.
The eco-friendly, direct-to-consumer brand is interviewing banks in preparation for an initial public offering, according to CNBC, which cited a report in the New York Times DealBook. Allbrands, which launched online in 2014, opened its first physical stores in 2018. It currently has 23 locations around the world.
In September 2020, Allbirds announced a $100 million Series E funding round led by Franklin Templeton, saying it would use the capital to enter new categories and fund the expansion of its international business. The funding followed the successful launch of Tree Dashers, Allbirds’s first performance running shoe and its best product launch to-date.
Allbird’s signature footwear is made from sustainable materials, including renewable Merino wool. (According to the company, the wool minimizes odor, regulates temperature and wicks moisture.)
Allbirds was last valued at approximately $1.7 billion, according to the CNBC report.