Allbirds, a San Francisco, CA-based maker of eco-friendly wool shoes, raised $50m in Series C funding.
The round, which brought total funding to more than $75m, was led by T. Rowe Price Investment Management with participation from Fidelity Management & Research Company and Tiger Global.
The company intends to use the capital to support deep research and development of sustainable materials, as well as to expand around the globe.
Led by Tim Brown and Joey Zwillinger, Allbirds is a certified B-Corp brand using premium sustainable materials in footwear, which currently operates retail locations in San Francisco and New York, and sells direct to customers through its own e-commerce sites in the United States, New Zealand, Australia and Canada.
The brand is also opening a retail store in the Covent Garden neighborhood in London, as well as launching operations and shipping throughout the U.K.
In 2019, Allbirds will open additional stores across the U.S. and expand into Asian markets, leveraging both e-commerce and physical retail to introduce the brand in the region.
Additional investors in the company include Leonardo DiCaprio, Scooter Braun, Andre Iguodala, Elephant, Maveron, and Lerer Hippeau.