ImpactAlpha, September 2 — San Francisco-based Allbirds, launched in 2015, uses sustainable materials such as wool, castor bean oil and more to make shoes, sandals and activewear. Former U.S. President Barack Obama was seen wearing Allbirds’ at a basketball game in 2019.
Now the company is looking for recognition of its ESG commitments through what it’s calling a Sustainable Public Equity Offering. “We are leading by example through our commitment to establishing rigorous, objective, and clearly defined ESG criteria and holding ourselves accountable to meeting those criteria,” Allbirds said in its filing.
The company, a public-benefit corporation and certified B Corp, wants to cut its carbon footprint completely by 2030 and has partnered with other shoe companies like Adidas to make sustainable shoes.
Allbirds believes there’s a market opportunity to capitalize on growing demand for sustainable products, especially among Gen-Z and Millennials.
Allbirds raised $100 million in a Series A round last year, valuing the company at $1.7 billion. The company’s net loss reached $25.9 million last year, up from $14.5 million in 2019.
The Shareholder Commons’ Rick Alexander(see above)argues that Allbirds’ dual-class stock structure, which gives founders voting control, undermines the company’s accountability to stakeholders – and other shareholders.