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June 18th, 2018 at 10:13 am

Electric scooter startup Bird is the fastest company to reach a valuation of $1 billion.

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Bird, one of many scooter startups currently sweeping the US, was last valued at $400 million after closing $100 million in series B funding in early March. In late May, Bird was reported to be raising $150 million in series C funding led by Sequoia Capital, at a $1 billion valuation.

People familiar with the deal told Quartz that at least three investors involved in that round—Sequoia, Accel, and Tusk Ventures—have already signed documents and wired money to Bird.

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Bird is now raising additional funds in the series C round, seeking a total of $300 million, which would value it around $2 billion, sources familiar with the deal said. “People have definitely given them cash at the $2 billion valuation,” one of the people told Quartz.

Bird declined to comment.

“Unicorn” startups valued at or above $1 billion are no longer extraordinary in Silicon Valley, with well over 200 companies on a list maintained by venture-capital research firm CB Insights.

But Bird is still remarkable for how quickly it achieved unicorn status. Founded in September 2017, Bird hit the $1 billion marker in well under a year, the fastest ever. The previous record from founding to unicorn was 1.79 years, set by 3D-printing company Desktop Metal, according to a ranking compiled by VC research firm Pitchbook.

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Via Quartz Media

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