Silicon Valley’s Favorite Sneaker Brand Allbirds Prepares to Go Public, Report Says

• Allbirds would interview banks as he prepares to go public on the New York Stock Exchange.
• The New York Times was the first to report the news.
• Allbirds – known for its sobriety and comfort sneakers – has grown rapidly over the past five years.

Sustainable sneaker brand Allbirds plans to go public, says New York Times Offer report early Wednesday.

The company, which is famous for its unbranded, comfortable and durable shoes that have become a staple in Silicon Valley, has grown rapidly since its launch in 2016.

After raising $ 100 million in funding last September, the company was valued at over $ 1 billion and rumors of a neighbor Initial Public Offering began to circulate. Earlier this month, Fashion company reported that the company was hiring a new employee to handle regulatory and financial filings, noting that this was a common step for a company if it was looking to go public.

Insider contacted an Allbirds spokesperson for more details, but did not immediately receive a response.

Read more: How the founders of Allbirds took their business from a Kickstarter campaign to a $ 1.7 billion fashion icon

Publicity

Allbirds has seen rapid success in just five years. The company was founded in 2016 by retired New Zealand professional football player Tim Brown and entrepreneur Joey Zwillinger. The duo launched with a pair of $ 95 sugarcane and merino wool sneakers that quickly became the uniform of the dressed worker of Silicon Valley.

Allbirds now has 22 stores in the United States, Europe, China and Japan. In a recent interview with The Wall Street Journal, Zwillinger said investors were drawn to Allbirds’ sustainability angle.

“We are what many investors believe is the future of big brands,” he told the Journal. “We have taken a methodical approach to growing the business that allows time to grow it into something big and impactful,” he said.