D2C specs purveyor Warby Parker files to go public

Did you miss IPOs? I sure did. They could be coming back after a summer lull.

Warby Parker, a D2C glasses company backed by over a half-billion dollars of private capital, filed to go public yesterday. For investors like General Catalyst, Tiger Global and Durable Capital Partners, it’s an important debut. Having taken on equity capital since at least 2011, investors have been waiting a long time for Warby to float.


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And there’s quite a lot to like about the company, the first parse of its IPO filing reveals. There are some less attractive elements to its business worth discussing, and we need to examine how COVID-19 impacted the company’s 2020 performance.

Warby last raised known private capital in August 2020, a $120 million Series G that valued the company at just over $3 billion on a post-money basis. D1 Capital Partners led that transaction, which included both Durable Capital and Baillie Gifford.

For D2C startups, the Warby IPO is something of a do-over. The Casper IPO from early 2020 is now a cautionary tale for companies employing the business model; the company reduced its IPO range, priced at $12 per share and today trades for just over $5.

But there’s more to Warby Parker’s IPO than just the D2C category. It’s a public benefit corporation, which it says in its filing means that it is “focused on positively impacting all stakeholders” as opposed to merely shareholders. And the company has a charitable bent to its efforts through a foundation and donation model of giving away eyewear when customers purchase their own set. Warby also has a hybrid sales model, leaning on both IRL and digital retail channels. There’s lots to dig into.

So let’s parse Warby’s growth history, its profitability progress over time and how the company is blending IRL shopping with digital channels. We’ll close by examining just how the company was priced last year, taking a guess at what it might be worth in today’s public markets.

Inside Warby Parker’s historical growth

Looking at Warby’s full-year results for 2020 is not inspiring. The company grew well from 2018 to 2019, expanding from $272.9 million in revenue to $370.5 million in revenue, or around 36%. That’s not an astounding pace of growth, but it’s more than respectable for a company of Warby’s age and size.

Then in 2020 the company only managed to eke out 6% growth to $393.7 million in top line. What happened to slow the company’s growth rate from Just Fine to Not Fine At All? COVID, it appears.

#baillie-gifford, #d1-capital-partners, #durable-capital-partners, #eyewear, #fundings-exits, #general-catalyst, #ipo, #luxottica, #retail, #startups, #tc, #the-exchange, #tiger-global, #warby-parker

Colombian on-demand delivery startup Rappi raises ‘over’ $500M at a $5.25B valuation

Rappi, a Colombian on-demand delivery startup, has raised “over” $500 million at a $5.25 billion valuation in a Series G round led by T. Rowe Price, the company announced late Friday.

Baillie Gifford, Third Point, Octahedron, GIC SoftBank, DST Global, Y Combinator, Andreessen Horowitz and Sequoia Capital and others also participated in the round.

The new financing brings Rappi’s total raised since its 2015 inception to over $2 billion, according to Crunchbase. Today, the country has operations in 9 countries and more than 250 cities across Latin America. Its last raise was a $300 million a Series F funding round in September of 2020.

According to the Latin American Venture Capital and Private Equity Association (LAVCA), Rappi focused on delivering beverages and first, and has since expanded into meals, groceries, tech goods and medicine. The company also offers a cash withdrawal feature, allowing users to pay with credit cards and then receive cash from one of Rappi’s delivery agents. Today, the company says its app allows consumers to “order nearly any good or service.”

In addition to traditional delivery, it says “users can get products delivered in less than 10 minutes, can access financial services, as well as ‘whims,” and “favors.’ Whims allow users to order anything available in their coverage area. Favors offer an array of custom services, such as running an errand, going to the hardware store or picking out and delivering a gift. The two products allow users to connect directly with a courier. 

Simón Borrero, Sebastian Mejia, and Felipe Villamarin launched the company in 2015, graduating from Y Combinator the following year. A16z’s initial investment in July 2016 was the Silicon Valley firm’s first investment in Latin America, according to LAVCA.

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Indian logistics giant Delhivery raises $277 million ahead of IPO

Delhivery, India’s largest independent e-commerce logistics startup, has raised $277 million in what is expected to be the final funding round before the firm files for an IPO later this year.

In a regulatory filing, the Gurgaon-headquartered startup disclosed it had raised $277 million in a round led by Boston-headquartered investment firm Fidelity. Singapore’s sovereign wealth fund GIC, Abu Dhabi’s Chimera, and UK’s Baillie Gifford also participated in the new round, a name of which the startup didn’t specify.

The new round valued the 10-year-old startup at about $3 billion. Delhivery — which also counts SoftBank Vision Fund, Tiger Global Management, Times Internet, The Carlyle Group, and Steadview Capital among its investors — has raised about $1.23 billion to date. The startup didn’t comment on Sunday.

Delhivery began its life as a food delivery firm, but has since shifted to a full suite of logistics services in over 2,300 Indian cities and more than 17,500 zip codes.

It is among a handful of startups attempting to digitize the demand and supply system of the logistics market through a freight exchange platform.

Research and image: Bernstein

Its platform connects consigners, agents and truckers offering road transport solutions. The startup says the platform reduces the role of brokers, makes some of its assets such as trucking — the most popular transportation mode for Delhivery — more efficient, and ensures round the clock operations.

This digitization is crucial to address the inefficiencies in the Indian logistics industry that has long stunted the national economy. Poor planning and forecasting of demand and supply increases the carrying costs, theft, damages, and delays, analysts at Bernstein wrote in a report last month about India’s logistics market.

Delhivery, which says it has delivered over 1 billion orders, works with “all of India’s largest e-commerce companies and leading enterprises,” according to its website, where it also says the startup has worked with over 10,000 customers. For the last leg of the delivery, its couriers are assigned an area that never exceeds 2 sq km, allowing them to make several delivery runs a day to save time.

Indian logistics market’s TAM (total addressable market) is over $200 billion, Bernstein analysts said.

The startup said late last year that it was planning to invest over $40 million within two years to expand and increase its fleet size to meet the growing demand of orders as more people shop online amid the pandemic.

#asia, #baillie-gifford, #chimera, #delhivery, #fidelity, #funding, #gic, #india, #logistics, #rivigo, #softbank, #softbank-vision-fund, #tiger-global, #tiger-global-management, #times-internet

Workrise, once known as RigUp, raises $300M at a $2.9B valuation

Workrise, which has built a workforce management platform for the skilled trades, announced today that it has raised $300 million in a Series E round led by UK-based Baillie Gifford that values the company at $2.9 billion.

New investor Franklin Templeton joined existing backers including Founders Fund, Bedrock Capital, Andreessen Horowitz (a16z), Moore Strategic Ventures, 137 Ventures and Brookfield Growth Partners in putting money in the round. WIth this latest financing, Workrise has now raised over $750 million.

You may know Austin-based Workrise better as its former name, RigUp. The company changed its name earlier this year to reflect a new emphasis on industries other than just oil and gas after the industry took a beating in recent years.

In 2020, Workrise laid off one-quarter of its corporate employees as the industry took an even bigger hit from the COVID-19 pandemic. It currently has over 600 employees in 25 offices.

Despite the rocky start to the year, Workrise apparently ended up rebounding. Its gross revenue has tripled since 2018, going from just under $300 million to about $900 million to close out 2020.

Workrise was founded in 2014 as a marketplace for on-demand services and skilled labor in the energy industry. In October 2019, it raised a $300 million Series D round led by Andreessen Horowitz(a16z) that valued the company at $1.9 billion.

Since then, Workrise has broadened its reach to include wind, solar, commercial construction and defense industries. In a nutshell, it connects skilled laborers with infrastructure and energy companies looking to staff and manage projects efficiently. Workrise’s online platform matches workers with over 500 companies in its network, manages payroll and benefits and provides access to training.

The company plans to use its new capital to continue to expand into new markets.

“The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling,” said Workrise co-founder and CEO (and former energy investor) Xuan Yong in a statement. “Our platform makes it easier for skilled workers to find work and for companies to hire in-demand workers.”

Dave Bujnowski, investment manager at Baillie Gifford, points out that Workrise’s online management platform is “disrupting a sector that’s so far been slow to adopt new technologies.”

Workrise now serves more than 70 metro areas in the U.S., including Atlanta, where the company is matching trade workers with commercial construction companies, and in Broomfield, CO where the company trains and matches workers to jobs across the U.S. wind industry. 

The company also offers trade workers access to training that equips them for energy and infrastructure jobs that are on the rise. Last year, Workrise placed more than 4,500 workers, or nearly a third of all its workers placed in 2020, in renewable-energy jobs. 

Specifically, the company says in total, it placed 8,000 unique workers in jobs in 2019 with 13% in renewables. That number jumped to 15,000 in 2020.

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Brazil’s Loft adds $100M to its accounts, $700M to its valuation in a single month

Nearly exactly one month ago, digital real estate platform Loft announced it had closed on $425 million in Series D funding led by New York-based D1 Capital Partners. The round included participation from a mix of new and existing investors such as DST, Tiger Global, Andreessen Horowitz, Fifth Wall and QED, among many others.

At the time, Loft was valued at $2.2 billion, a huge jump from its being just near unicorn territory in January 2020. The round marked one of the largest ever for a Brazilian startup.

Now, today, São Paulo-based Loft has announced an extension to that round with the closing of $100 million in additional funding that values the company at $2.9 billion. This means that the 3-year-old startup has increased its valuation by $700 million in a matter of weeks.

Baillie Gifford led the Series D-2 round, which also included participation from Tarsadia, Flight Deck, Caffeinated and others. Individuals also put money in the extension, including the founders of Better (Zach Frenkel), GoPuff, Instacart, Kavak and Sweetgreen.

Loft has seen great success in its efforts to serve as a “one-stop shop” for Brazilians to help them manage the home buying and selling process. 

Image courtesy of Loft

In 2020, Loft saw the number of listings on its site increase “10 to 15 times,” according to co-founder and co-CEO Mate Pencz. Today, the company actively maintains more than 13,000 property listings in approximately 130 regions across São Paulo and Rio de Janeiro, partnering with more than 30,000 brokers. Not only are more people open to transacting digitally, more people are looking to buy versus rent in the country.

“We did more than 6x YoY growth with many thousands of transactions over the course of 2020,” Pencz told TechCrunch at the time of the company’s last raise. “We’re now growing into the many tens of thousands, and soon hundreds of thousands, of active listings.”

The decision to raise more capital so soon was due to a variety of factors. For one, Loft has received “overwhelming investor interest” even after “a very, very oversubscribed main round,” Pencz said.

“We have seen a continued acceleration in our market share growth, especially in São Paulo and Rio de Janeiro, the two markets we currently operate in,” he added. “We saw an opportunity to grow even faster with additional capital.”

Pencz also pointed out that Baillie Gifford has relatively large minimum check size requirements, which led to the extension being conducted at a higher price and increased the total round size “by quite a bit to be able to accommodate them.”

While the company was less forthcoming about its financials as of late, it told me last year that it had notched “over $150 million in annualized revenues in its first full year of operation” via more than 1,000 transactions.

The company’s revenues and GMV (gross merchandise value) “increased significantly” in 2020, according to Pencz, who declined to provide more specifics. He did say those figures are “multiples higher from where they were,” and that Loft has “a very clear horizon to profitability.”

Pencz and Florian Hagenbuch founded Loft in early 2018 and today serve as its co-CEOs. The aim of the platform, in the company’s words, is “bringing Latin American real estate into the e-commerce age by developing online alternatives to analogue legacy processes and leveraging data to create transparency in highly opaque markets.” The U.S. real estate tech company with the closest model to Loft’s is probably Zillow, according to Pencz.

In the United States, prospective buyers and sellers have the benefit of MLSs, which in the words of the National Association of Realtors, are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property. Loft itself spent years and many dollars in creating its own such databases for the Brazilian market. Besides helping people buy and sell homes, it offers services around insurance, renovations and rentals.

In 2020, Loft also entered the mortgage business by acquiring one of the largest mortgage brokerage businesses in Brazil. The startup now ranks among the top-three mortgage originators in the country, according to Pencz. When it comes to helping people apply for mortgages, he likened Loft to U.S.-based Better.com.

This latest financing brings Loft’s total funding raised to an impressive $800 million. Other backers include Brazil’s Canary and a group of high-profile angel investors such as Max Levchin of Affirm and PayPal, Palantir co-founder Joe Lonsdale, Instagram co-founder Mike Krieger and David Vélez, CEO and founder of Brazilian fintech Nubank. In addition, Loft has also raised more than $100 million in debt financing through a series of publicly listed real estate funds.

Loft plans to use its new capital in part to expand across Brazil and eventually in Latin America and beyond. The company is also planning to explore more M&A opportunities.

This article was updated post-publication to reflect accurate investor information

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With a reported deal in the wings for Joby Aviation, electric aircraft soars to $10B business

One year after nabbing $590 million from investors led by Toyota, and a few months after picking up Uber’s flying taxi businessJoby Aviation is reportedly in talks to go public in a SPAC deal that would value the electric plane manufacturer at nearly $5.7 billion.

News of a potential deal comes on the heels of another big SPAC transaction in electric planes, for Archer Aviation. If the Financial Times‘ reporting is accurate, then that would mean that the two will soon be publicly traded at a total value approaching $10 billion.

It’s a heady time for startups making vehicles powered by anything other than hydrocarbons, and the SPAC wave has hit it hard.

Electric car companies Arrival, Canoo, ChargePoint, Fisker, Lordstown Motors, Proterra and The Lion Electric Company are some of the companies that have merged with SPACs — or announced plans to — in the past year.

Now it appears that any company that has anything to do with the electrification of any mode of transportation is going to get waved onto the runway for a public listing through a special purpose acquisition company vehicle — a wildly popular route at the moment for companies that might find traditional IPO listings more challenging to carry out but would rather not stay in startup mode when it comes to fundraising.

The investment group reportedly taking Joby to the moon! out to public markets is led by the billionaire tech entrepreneurs and investors Reid Hoffman, the co-founder of LinkedIn, and Mark Pincus, who launched the casual gaming company, Zynga.

Together the two men had formed Reinvent Technology Partners, a special purpose acquisition company, earlier in 2020. The shell company went public and raised $690 million to make a deal.

Any transaction for Joby would be a win for the company’s backers including Toyota, Baillie Gifford, Intel Capital, JetBlue Technology Ventures (the investment arm of the US-based airline), and Uber, which invested $125 million into Joby.

Joby has a prototype that has already taken 600 flights, but has yet to be certified by the Federal Aviation Administration. And the success of any transaction between the company and Hoffman and Pincus’ SPAC group is far from a sure thing, as the FT noted.

The deal would require an additional capital infusion into the SPAC that the two men established, and without that extra cash, all bets are off. Indeed, that is probably one reason why anyone is reading about this now.

Alternatively powered transportation vehicles of all stripes and covering all modes of travel are the rage right now among the public investment crowd. Part of that is due to rising pressure among institutional investors to find companies with an environmental, sustainability, and good governance thesis that they can invest in, and part of that is due to tailwinds coming from government regulations pushing for the decarbonization of fleets in a bid to curb global warming.

The environmental impact is one chief reason that United chief executive Scott Kirby cited when speaking about his company’s $1 billion purchase order from the electric plane company that actually announced it would be pursuing a public offering through a SPAC earlier this week.

“By working with Archer, United is showing the aviation industry that now is the time to embrace cleaner, more efficient modes of transportation,” Kirby said. “With the right technology, we can curb the impact aircraft have on the planet, but we have to identify the next generation of companies who will make this a reality early and find ways to help them get off the ground.”

It’s also an investment in a possible new business line that could eventually shuttle United passengers to and from an airport, as TechCrunch reported earlier. United projected that a trip in one of Archer’s eVTOL aircraft could reduce CO2 emissions by up to 50% per passenger traveling between Hollywood and Los Angeles International Airport.

The agreement to go public and the order from United Airlines comes less than a year after Archer Aviation came out of stealth. Archer was co-founded in 2018 by Adam Goldstein and Brett Adcock, who sold their software-as-a-service company Vettery to The Adecco Group for more than $100 million. The company’s primary backer was Marc Lore, who sold his company Jet.com to Walmart in 2016 for $3.3 billion. Lore was Walmart’s e-commerce chief until January.

For any SPAC investors or venture capitalists worried that they’re now left out of the EV plane investment bonanza, take heart! There’s still the German tech developer, Lilium. And if an investor is interested in supersonic travel, there’s always Boom.

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Relativity Space raises $500 million as its sets sights on the industrialization of Mars

3D-printed rocket startup Relativity Space has closed $500 million in Series D funding (making official the earlier reported raise), the company announced today. This funding was led by Tiger Global Management, and included participation by a host of new investors including Fidelity Management & Research Company, Baillie Gifford, Iconiq Capital, General Catalist and more. This brings the company’s total raised so far to nearly $700 million, as the startup is poised to launch its first ever fully 3D-printed orbital rocket next year.

LA-based Relativity had a big 2020, completing work on a new 120,000 square-foot manufacturing facility in Long Beach. Its rocket construction technology, which is grounded in its development and use of the largest metal 3D printers in existence, suffered relatively few setbacks due to COVID-19-related shutdowns and work stoppages since it involves relatively few actual people on the factory floor managing the 3D printing process, which is handled in large part by autonomous robotic systems and software developed by the company.

Relativity also locked in a first official contract from the U.S. government this year, to launch a new experimental cryogenic fluid management system on behalf of client Lockheed Martin, as part of NASA’s suite of Tipping Point contracts to fund the development of new technologies for space exploration. It also put into service its third-generation Stargate 3D metal printers – the largest on Earth, as mentioned.

The company’s ambitions are big, so this new large funding round should provide it with fuel to grow even more aggressively in 2021. It’s got new planned initiatives underway, both terrestrial and space-related, but CEO and founder Tim Ellis specifically referred to Mars and sustainable operations on the red planet as one possible application of Relativity’s tech down the road.

In prior conversations, Ellis has alluded to the potential for Relativity’s printers when applied to other large-scale metal manufacturing – noting that the cost curve as it stands makes most sense for rocketry, but could apply to other industries easily as the technology matures. Whether on Mars or on Earth, large-scale 3D printing definitely has a promising future, and it looks like Relativity is well-positioned to take advantage.

We’ll be talking to Ellis at our forthcoming TC Sessions: Space event, so we’ll ask him more about this round and his company’s aspirations live there, too.

#3d-printing, #aerospace, #articles, #baillie-gifford, #ceo, #emerging-technologies, #fundings-exits, #iconiq-capital, #industrial-design, #lockheed-martin, #long-beach, #printer, #relativity-space, #robotics, #science, #science-and-technology, #space, #tc, #tiger-global-management, #tim-ellis, #u-s-government, #united-states

Why Florida residents may soon be seeing jet-powered ‘flying taxis’

Florida is renowned for its strange news stories. In recent weeks alone, one resident reported an alligator in her garage that turned out to be a pool floatie; another discovered a python in her washing machine; and a horse needed to be pulled out of a septic tank by firefighters.

Still, don’t dismiss Orlando residents who report seeing flying taxis overhead because they may just be coming. Lilium Aviation, a five-year-old, Munich, Germany-based, venture-backed startup that designs and makes electric vertical take-off and landing jets, is reportedly seeking tax incentives from the city to build a 56,000-square-foot transportation hub with the promise that it will create 100 high-wage jobs in return.

According to the Orlando Business Sentinel, the proposed facility — a takeoff and landing area that would be part of Lilium’s first transportation network in the U.S. — would represent a $25 million investment and, according to the city’s own estimates, generate $1.7 million in economic impact in a 10-year period. (Lilium in September began separately exploring with Germany’s Düsseldorf Airport and Cologne Bonn Airport  how to turn the two airports into regional air mobility hubs.)

It’s seemingly a smart time for Lilium — whose planes aren’t expected to be up and running until 2025 — to be talking with cities about additional airport revenue. Passenger traffic has fallen through the floor, owing to the pandemic, and cargo traffic has not been immune, either. Meanwhile, 95% of revenue from airports comes aeronautical and non-aeronautical services.

Lilium also has a little more spending money, after raising $35 million in fresh funding in June led by Baillie Gifford, the largest investor in Tesla, a round that brought the company’s total funding to date to $375 million.

Earlier investors in the company include Atomico, Tencent Holdings and Freigeist.

We sat down with Atomico founder Niklas Zennström in late 2016 when the firm had just led a €10 million Series A in Lilium, a bet that seemed early at the time despite the existence already of rivals like Terrafugia and AeroMobile, yet that may be a reality fairly soon. Indeed, there are now at least 15 so-called flying cars and taxis in development.

#aerospace, #atomico, #baillie-gifford, #evtol, #flying-taxis, #lilium-aviation, #niklas-zennstrom, #startups, #tencent-holdings, #transportation

Allbirds CEO Joey Zwillinger on the startup’s $100 million round, profitability, and SPAC mania

As people spend less time out in the world and more time daydreaming about when a vaccine will arrive, lifestyle shoes are only gaining traction.

One obvious beneficiary is Allbirds, the San Francisco-based maker of comfortable, sustainable kicks that launched in 2016 and quickly became a favorite in Silicon Valley circles before taking off elsewhere.

Though the company saw its business slow this year because of the pandemic, its products are now available to purchase in 35 countries and its 20 brick-and-mortar stores are sprinkled throughout the U.S. and Europe, with another outpost in Tokyo and several shops in China.

Investors clearly see room for more growth. Allbirds just closed on $100 million in Series E funding at roughly the same $1.6 billion valuation it was assigned after closing on $27 million in Series D funding earlier this year, and blank-check companies have been calling, says cofounder and CEO Joey Zwillinger. He talked with us earlier this week in a chat that has been edited for length and clarity.

TC: Your shoes are sold worldwide. What are your biggest markets?

JZ: The biggest market by far is the U.S., and the same day that we started here in 2016, we also launched in New Zealand, so that’s been very good to us over the last four years, too. But we’ve seen growth in Japan and Korea and China and Canada and Australia. We have a network of warehouses globally that lets us reach 2.5 billion people [who], if they were so inclined, could get their product in three days. We’re proud of the infrastructure we’ve set up.

TC: We’ve all worn shoes a lot less than we might have expected in 2020. How has that impacted your business?

JZ: We’re growing but definitely not at the same pace we would be had the pandemic not occurred. We’re predominantly digital in terms of how we reach people, but stores are important for us. And we had to switch [those] off completely and lost a portion of our sales for a long time.

TC: Did you have to lay off your retail employees?

JZ: A large portion of our retail force was unable to work, but we were luckily able to keep them fully paid for four months, plus [some received] government benefits if they got that. And now all of our 20 stores are up and running again in a way that’s totally safe and everyone feels really comfortable.

We also donated shoes to frontline workers — 10,000 pairs or around a million dollars’ worth.

TC: What does Allbirds have up its sleeve, in terms of new offerings?

JZ: We just launched our native mobile app, and through it we’re able to give our more loyal fans exclusives. It’s a really cool experience that blends technology with fashion. You can try on shoes in a virtual mirror; you’re given information [about different looks] that you wouldn’t have otherwise.

We also launched wool-based weather-proofed running shoes in April that have blown away our expectations but [were fast discovered by] people who haven’t really been running for 10 to 15 years and are running again [because of gym closures]. It’s a super high-stakes category and one that’s hard to break into because people buy on repeat. But we spent two years making it. It’s not like we launched it because of the pandemic. It’s a shoe for 5K to 10K distances — it’s not a marathon shoe or a trail shoe — and that we’ve been able to clearly articulate that speaks to its success, I think.

TC: What about clothing?

We launched underwear and socks last year in a small launch. We developed a textile that hasn’t been used before — it’s a blend of tree fiber and merino wool because our view is that nature can unlock magic. Underwear is typically synthetic — it’s made from plastics — or cotton, which isn’t a great material for a whole bunch of reasons. [Meanwhile] ours is phenomenal for temperature control; it also feels like cashmere.

TC: Patagonia really advertises its social and environmental values. Do you see Allbirds evolving in a similar way, with a growing spate of offerings?

JZ: I’m incredibly humbled by [the comparison]. Given their environmental stewardship of the retail sector, we hope we’re compared to them. But they are much more of an outdoor brand — not a competitor so to speak. And we’d love to share more of the retail world with them so we can do our environmental thing together.

TC: You just raised funding. Are you profitable and, if not, is profitability in sight?

JZ: We’ve been profitable for most of our existence. Having some discipline as we grow is good. We’re not close to the profitability that we’ll eventually have, but we’re still a small company in investment mode. After we emerge from the pandemic, we’ll enter a ramping-up phase.

TC: Everyone and their brother is raising money for a blank-check company, or SPAC, which can make it a lot faster for a private company to go public. Have you been approached, and might this option interest you?

JZ: Yes and no. Yes we’ve been approached, and no, we’re [not interested]. We want to build a great company and being public might be something that helps enable that for a whole bunch of reasons. But we want to do it at the right time, in a way that helps the business grow in the most durable and sustainable fashion. Just jumping at the opportunity of a SPAC without doing the rigorous prep the way we want to, we’re not super focused on that

#allbirds, #baillie-gifford, #ecommerce, #footwear, #franklin-templeton, #fundings-exits, #recent-funding, #series-e, #startups, #t-rowe-price, #tc, #venture-capital

Warby Parker, valued at $3 billion, raises $245 million in funding

Warby Parker, the optical ecommerce giant, has today announced the close of a $245 million funding round from D1 Capital Partners, Durable Capital Partners, T. Rowe Price, and Baillie Gifford.

A source familiar with the company’s finances confirmed to TechCrunch that this brings Warby Parker’s valuation to $3 billion.

The fresh $245 million comes as a combination of a Series F round ($125 million led by Durable Capital Partners in Q2 of this year) and a Series G round ($120 million led by D1 Capital in Q3 of this year). Neither of the two rounds was previously announced.

In the midst of COVID-19, Warby has also pivoted a few facets of its business. For one, the company’s Buy A Pair, Give A Pair program, which has focused on vision services across the globe, pivoted to stopping the spread of COVID-19 in high-risk countries. The company also used their Optical Lab in New York as a distribution center to facilitate the donation of N95 masks to healthcare workers.

The company has also launched a telehealth service for New York customers allowing them to extend an existing glasses or contacts prescription through a virtual visit with a Warby Parker OD, and expanded its Prescription Check app to new states.

Warby Parker was founded 10 years ago to sell prescription glasses online. At the time, ecommerce was still relatively nascent and the idea of direct-to-consumer glasses was novel, to say the least. By cutting out the cost of physical stores, and competing with an incumbent who had for years enjoyed the luxury of overpricing the product, Warby was able to sell prescription glasses for under $100/frame.

Of course, it wasn’t as simple as throwing up a few pictures of frames on a website and watching the orders pour in. The company developed a process where customers could order five potential frames to be delivered to their home, try them on, and send them back once they made a selection.

Since, the company has expanded into new product lines, including sunglasses and children’s frames, as well as expanding its footprint with physical stores. In fact, the company has 125 stores across the U.S. and in parts of Canada.

Warby also developed the prescription check app in 2017 to allow users to extend their prescription through a telehealth check up.

In 2019, Warby launched a virtual try-on feature that uses AR to allow customers to see their selected frames on their own face.

The D2C giant, in its ten years of existence, has balanced its technological innovation with its physical expansion, which could explain its newfound triple-unicorn status. These latest rounds bring Warby Parker’s total funding to $535.5 million.

#baillie-gifford, #d1-capital-partners, #durable-capital-partners, #ecommerce, #funding, #recent-funding, #startups, #t-rowe-price, #tc, #warby-parker

#DealMonitor – sennder und Everoad fusionieren – Lilium bekommt weitere 35 Millionen


Im aktuellen #DealMonitor für den 9. Juni werfen wir wieder einen Blick auf die wichtigsten, spannendsten und interessantesten Investments und Exits des Tages. Alle Deals der Vortage gibt es im großen und übersichtlichen #DealMonitor-Archiv.

INVESTMENTS

Lilium
+++ Der Tesla-Investor Baillie Gifford investiert 35 Millionen US-Dollar in den Münchner Flugtaxi-Entwickler Lilium. Zuletzt investierte der chinesische Internet-Konzern Tencent, Atomico, Freigeist und LGT 240 Millionen US-Dollar in das Unternehmen. Insgesamt flossen somit in der aktuellen Investmentrunde 275 Millionen in Lilium. Der Lufttaxi-Hersteller wurde 2015 von den vier Ingenieuren Daniel Wiegand, Sebastian Born, Patrick Nathen und Matthias Meiner gegründet.

Teylor
+++ “Bestehende und neue Investoren” – darunter Wenvest und der Technologiedienstleister Steinbeis investieren 8 Millionen Schweizer Franken in der Zürcher Fintech Teylor. Das Startup wurde 2018 von Patrick Stäuble gegründet. Das Unternehmen entwickelt “sowohl komplett digital abgewickelte Kreditprodukte für kleine und mittlere Unternehmen als auch Softwarelösungen für Banken”. Derzeit beschäftigt Teylor 20 Mitarbeiter.

StudySmarter
+++ Dieter von Holtzbrinck Ventures (DvH Ventures) investiert im Rahmen einer Seed-Finanzierungsrunde einen siebenstelligen Betrag in die Münchner EdTech StudySmarter. Das Spin-Off der TU München & LMU München, das 2017 von Simon Hohentanner, Maurice Kudhir, Christian Felgenhauer und Till Söhlemann gegründet wurde, positioniert sich als “intelligente Lern-App für das lebenslange Lernen, mit der individuelle Lernpläne, Karteikarten, Zusammenfassungen und Mindmaps schnell und einfach aus Lern-Skripten und Vorlesungsfolien erstellt werden können”. Nikolaus Bayer, Philip Ginthoer, Sven Plundrich, 71Circles und Christian Dereser investierten Ende 2018 bereits eine mittlere sechsstellige Summe in StudySmarter,

FUSION

sennder
+++ Das Berliner Logistik-Startup sennder, das 2015 von Julius Köhler, Nicolaus Schefenacker und David Nothacker gegründet wurde, fusioniert mit der französischen Tech-Frachtfirma Everoad. “Die strategische Übernahme zwischen Europas zwei größten Digitalspeditionen bildet die Grundlage für den Aufbau der wichtigsten und umfassendsten digitalen Transportdienstleistungsplattform in Europa”, teilen die Unternehmen mit. Everoad agiert künftig als “Everoad by sennder”. In das fusionierte Unternehmen flossen zusammen bereits über 120 Millionen Euro. Zu den Investoren von sennder gehören unter anderem Accel, Holtzbrinck Ventures, Lakestar, Scania und Project A. Everoad wurde seit 2017 von Earlybird unterstützt. Im Rahmen der Fusion brachte der Berliner Risikokapitalgeber seine Beteiligung in das fusionierte Unternehmen ein und beteiligte “darüber hinaus mit weiterem Kapital an sennder”.

Achtung! Wir freuen uns über Tipps, Infos und Hinweise, was wir in unserem #DealMonitor alles so aufgreifen sollten. Schreibt uns eure Vorschläge entweder ganz klassisch per E-Mail oder nutzt unsere “Stille Post“, unseren Briefkasten für Insider-Infos.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

Foto (oben): azrael74

#aktuell, #baillie-gifford, #dvh-ventures, #edtech, #everoad, #fintech, #lilium, #logistik, #munchen, #schweiz, #sennder, #studysmarter, #teylor, #venture-capital, #zurich