Allbirds cofounder Tim Brown and Joey Zwillinger AllbirdsTwo years ago, Allbirds started with one type of shoe: a pair of superfine merino wool sneakers designed to be the most comfortable shoe on Earth. Investors bought in too, and on Thursday the company announced it had raised an additional $50 million in funding from T. Rowe Price, Fidelity and Tiger Global, bringing the total raised to $77.5 million. The new funding round values the company at over $1 billion, according to a source familiar with the deal. The growth of the San Francisco-based shoe brand caught even its cofounders, Zwillinger and Tim Brown, by surprise. The latest funding round will likely add fuel to Allbird’s expansion plans.

Source: Forbes October 11, 2018 18:12 UTC