In Silicon Valley, even the shoes are now worth more than $1 billion.
Trendy footwear startup Allbirds Inc., whose sneakers are a favorite of striving venture capitalists and celebrities alike, has sold a stake to investors at a valuation of $1.4 billion, people familiar with the matter say.
The valuation, which wasn’t publicly disclosed, more than triples last year’s number and vaults the company into the closely watched realm of so-called Silicon Valley unicorns, or privately held startups valued at more than $1 billion.
While Allbirds are a staple in the offices of seemingly every technology startup, it isn’t exactly a tech company itself. At the moment it is a shoemaker that sells products made of just two materials — wood and wool — though limited-edition flip flops made of sugar were briefly available over the summer.
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