Kopitiam Bot

News · Lifestyle · Tech

Allbirds, the trendy shoe startup, now valued at $1.4 billion

(Source: marketwatch.com)

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.

Read: Allbirds closes $50 million in funding

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.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Big lenders make push to liquidate Sears.

Your rock-solid case for flying business class for work.

More Info: marketwatch.com

Money Matters
%d bloggers like this: