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August 15th, 2018 at 9:10 am

Bird is the fastest startup ever to reach a $1 billion valuation

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

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.

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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.

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.

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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.

Via Quartz

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