- Electric scooter startup Bird could be the newest unicorn startup.
- The company is raising $US150 million led by Sequoia Capital, which values the startup at $US1 billion, reports Bloomberg.
Electric scooter startup Bird is raising $US150 million in a series C funding round led by Sequoia Capital, which will value the company at $US1 billion, Bloomberg reported, citing people familiar with the matter.
A spokesperson for Bird declined to comment.
The valuation will make Bird the first electric scooter unicorn, the term given to startups that are worth more than $US1 billion. The company, which has aggressively put its scooters in cities around the country in recent months, has already raised $US115 million – indeed, its most recent funding round was just announced in March.
Bird works by allowing users to reserve a nearby scooter via a smartphone app, ride around on it for a small fee, and, at the end of the journey, leave the scooter anywhere to be claimed by the next rider.
These so-called dockless scooter services have exploded in popularity, with a number of companies – including Lyft – looking to start their own scooter services. But Bird’s aggressive expansion has been met with scepticism from city officials in San Francisco, Santa Monica, and Nashville, who have sent the company cease and desist letters for launching the service with little-to-no notice.
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