This archive report was first published on 11 July 2019.
According to a report by The Information published on July 11, 2019, Bird, a Santa Monica, California-based scooter company, is seeking up to $300 million in new funds.
As of now, Bird has already raised $718 million in its short lifetime, with a current valuation of $2.3 billion, making it one of the largest and most highly valued micromobility startups.
However, the company's recent financial struggles have raised concerns. In the first quarter of 2019, Bird reportedly lost $100 million, with its revenue shrinking to $15 million during the same time period.
A Bird spokesperson declined to comment on the report, but denied the $100 million loss, stating that the figure is incorrect.
Despite the recent capital raises, Bird is left with about $100 million in cash, according to the report.
