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Allbirds has booked another big loss and announced that CEO Joey Zwillinger will follow his co-founder Tim Brown in quitting the executive suite. It also. ....
(Bloomberg) Allbirds Inc. has already beaten the odds in the startup world by raising a quarter of a billion dollars and turning earth-friendly wool sneakers into a legit product category. But the company behind Silicon Valley’s favorite footwear now faces another daunting challenge: impressing investors ahead of a potential initial public offering.That’s coming after its rising unicorn valuation cooled off last year. In September, Allbirds raised $100 million in a Series E round from large investment firms like Franklin Templeton and T. Rowe Price. According to researcher Pitchbook, the company’s value nudged down to an estimated $1.7 billion from $1.73 billion in January 2020. Allbirds confirmed those numbers, while declining to provide details on its financial performance or an IPO.Allbirds is part of the boom in direct-to-consumer brands that act as maker and retailer, avoiding the low margins of selling wholesale. Investors fell in love with the business mod ....