What they do. “In partnership with cities, Bird’s proprietary technology and operations are revolutionizing the existing transportation paradigm by making lightweight electric vehicles readily available to rent or own around the world.” They were the first to the scooter market.
They raised $800mm through the Series D. The market cap today is $2bln, which means some investors lost some serious money.
Real lessons. Bird is as an interesting case study for venture. The business has largely been uneconomical while it grew (doesn’t generate gross profit), but only became economical when it shrank materially. VC stuffed this company with cash, overvalued it, and got lucky with an “exit” via SPAC that valued the business far below prior rounds. This is a tough way to get to an IPO, investors ultimately lost a lot of money, and I have a feeling the founders would do things a little differently if they could.
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