The quintessential venture capitalist’s uniform consists of a pair of designer jeans, a Patagonia fleece vest and $95 wool sneakers.
The company behind the shoes, Allbirds, entered the unicorn club this morning with the announcement of a $50 million Series C from late-stage players T. Rowe Price, which led the round, Tiger Global and Fidelity Investments. The 3-year-old startup founded by Joey Zwillinger and Tim Brown has raised $75 million to date, including a $17.5 million Series B last year. Its backed by Leonardo DiCaprio, Scooter Braun, Maveron, Lerer Hippeau and Elephant, the venture capital firm led by Warby Parker founder Andrew Hunt.
The Wall Street Journal is reporting the round values Allbirds at $1.4 billion. The company would not confirm that figure to TechCrunch.
Like Warby Parker, San Francisco-based Allbirds began as a direct-to-consumer online retailer but has since expanded to brick-and-mortar, opening stores in San Francisco and New York. It currently ships to locations across the U.S., New Zealand, Australia and Canada. Next week, the company plans to open its first storefront in the U.K. in London’s Covent Garden neighborhood.