Strong brand spirit; Focus on the future; And indulge in customer loyalty.
According to one of the company’s earliest supporters, these are some of the factors that helped allbirds become a $3 billion shoemaker.
Allbirds was listed on NASDAQ on Wednesday, and its share price soared 60% on its first day. The company raised $300 million in its initial public offering. Since its launch six years ago, the company has sold more than 8 million pairs of shoes. In 2020, the net income was USD 219.3 million, with a year-on-year increase of 73%.
Dan Levitan, co-founder of maveron. (photo of Marvelon)
Maveron, a Seattle based venture capital firm, raised $7.25 million in the first round a in 2016. Before the IPO, maveron held the largest shares of allbirds, with a value of about $400 million at the opening price.
Maveron was co founded by Howard Schultz, former chairman and CEO of Starbucks, and Dan Levitan. Dan Leviathan wrote an article on his blog today for the initial public offering (IPO) of allbirds.
“Allbirds has always been committed to creating better things in better ways,” Levitan wrote. “From the beginning, they firmly focused on product development to prove that comfort, excellent design and sustainability do not have to be mutually exclusive. This continues to this day.”
Levitan pointed out that allbirds has long been committed to building a brand based on three pillars: comfort, simplicity, high-quality design and sustainability.
Levitan says the company has built relevance faster than any other company in maveron’s portfolio. Since its establishment in 1998, the venture capital company has invested in 150 consumer startups, including eBay, drugstore.com, Groupon, shutterfly and Zully. Recent investments include pacaso, impossible food, trupanion, etc.
“The best founders can also gain confidence from their early success, but they know how hard and how long it takes to build a lasting and sustainable brand,” Leviathan wrote in praise of CO founders Tim brown and Joey Zwillinger, Tim Brown was a professional football player in New Zealand, and Joey Zwillinger was a biotechnology engineer.
Allbirds’ focus on customers is also the key to its success. Core wool running shoes have been improved for more than 30 times; Provide products online and in person; And expand sales of socks and scarves.
Leviathan wrote, “I am a living example of how loyal their customers are.”. “In the past five years, I have bought 45 pairs. I really don’t remember when I last wore shoes. I used to wear shoes every day.
“Excellent products have a way of integrating into consumers’ lives. Allbirds has done this not only in my life, but also in the lives of millions of other customers.”