Bird Increases Series D Funding Round from $275 Million to $350 Million
BERLIN and SANTA MONICA, California, Jan. 27, 2020 /PRNewswire/ -- Bird, the leader in micromobility, and Berlin based Circ, the leader in European micromobility, today announced Bird acquired Circ. The combined company will result in Bird adding more than 300 employees to its European operations to provide streamlined, sustainable, and safe operations for cities looking to reduce carbon emissions and congestion. Bird today also announced a $75 million extension to its Series D funding round, bringing the size of the round to $350 million.
Leading European Company Joins Bird
Founded by serial entrepreneur and investor, Lukasz Gadowski, Circ is a leading shared e-scooter company in Europe and the Middle East. With operations spanning across 43 cities in 12 countries, Circ has brought world-class city-centric solutions and customer service to millions of riders. Together, Bird and Circ will make it easier for cities to manage micromobility programs while continuing to scale and increase the reliability of its service to the tens of millions of people who have embraced shared e-scooters as a new form of sustainable and efficient transportation. Investors joining Bird's existing investors as part of the combined company include Target Global, Team Europe, Idinvest Partners, and Signals Venture Capital.
"I founded Bird nearly three years ago because we need to change the status quo and take a transformative stance to combat the traffic and pollution that affect our cities and endanger people globally," said Travis VanderZanden, founder and CEO of Bird. "To further advance our mission, we're excited to acquire Circ which is the clear European leader. We like their laser focus on treating cities as their number 1 customer and their mindset of prioritizing profitability over growth."
"With deep city partnerships and leading technology, we have established ourselves as the micromobility leader in Europe," said Lukasz Gadowski, founder and CEO, Circ. "As a combined company with Bird, we will be able to significantly accelerate our mission throughout Europe to provide safe, available, affordable, convenient, and sustainable rides."
"This is a significant deal for both companies as well as the broader European technology and transportation industries," said Ben Kaminski, Partner at Target Global. "As the first investor in Circ, we were confident their vision and experience would propel them to the leadership position in micromobility throughout Europe. We are thrilled to invest in the global leader in micromobility and look forward to supporting the joint team as it transforms how people move about their cities."
"Bringing together Circ's European roots with the added capabilities of Bird's technology and innovation, will ensure cities throughout Europe, such as Paris, will have world class partners to help them reach their climate action goals," said Nicolas Chaudron, Managing Partner at Idinvest Partners. "As investors dedicated to the growth of European business, we view Bird's acquisition of Circ as a testament to what Lukasz and his team have built as well as the positive impact they've had on the cities we call home."
Bird Increases Series D to Meet Investor Demand
Just three months after announcing an initial $275 million Series D investment led by CDPQ and Sequoia Capital, Bird is increasing the round to $350 million. Due to demand, the series remained open providing investors the opportunity to become part of Bird's global micro-mobility mission. Capital from the investment will be used to make rapid progress on the company's path to profitability, to increase its vehicle development and research initiatives, and to support European expansion plans.
"Investors today are looking for financially disciplined companies with a clear path to profitability," said Travis VanderZanden, founder and CEO of Bird. "More than 12 months ago we shifted our focus from growth to profitability which put us in a position to deliver the strongest unit economics and longest-lasting custom-designed vehicles of any micro-mobility company today."
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