Kiwi firm Allbirds raises almost $40 million

Allbirds, a New Zealand merino footwear label has raised another $24 million in funding after raising almost $10 million last year. This new capital investment brings the company’s total investment since it was launched in 2015 to $38.4 million. Allbirds was co-founded by former Wellington Phoenix Captain and All Whites Vice-Captain Tim Brown, along with Biotech Engineer Joey Zwillinger. Over two years, the pair created a textile suitable for shoes using superfine merino wool with a vegetable-oil based polyurethane insole before raising an initial US$2.7m to launch in New Zealand and the US. Allbirds has since grown to have 50 employees, and the funds will be used to continue research and development into new and sustainable materials as well as continuing international expansion.

Read more