Webmains Tech | Article Appeared in Forbes first: The bird has raised an extra $275 million in the D series of funding, the company announced Thursday. New funding raised the estimate of post-money birds to approximately $2.8 billion.
Started in 2017, the bird-based Santa Monica became the most active and fast company ever to reach a billion-dollar valuation, Presently accumulated a total of about $700 million in funding, including the latest rounds led by previous investors Sequoia and Quebec pension fund CDPQ. TechCrunch previously reported that Bird was raising the round.
Despite the original craze, investor’s opinions against scooters have cooled. The scooter company had faced stiff competition from Lime, Lyft, and Uber. Uber has been retrenched, removing bike Jump from markets like Atlanta and San Diego. Birds are laid off 5% of the staff in March and continue to face pressure over whether scooters can be sustainable businesses at all.
Bird’s new pre-money valuation was first reported earlier this summer by TechCrunch and the New York Times. This is a slight increase from last year’s $2.3 billion business, but it is still a sign that venture capital firms are not pumping money into e-scooter companies, despite reports of heavy cash losses and rampant vandalism of scooters. But the temperature around scooter sharing has cooled markedly: Bird raised $418 million in funding last year. “TheVerge”