Bird, the scooter startup whose scooters you might have seen fallen over on the sidewalk in a major metro area, has authorized a new $200 million round of funding that could value the startup at around $1 billion post-money, according to a certificate of incorporation filed in Delaware.
The latest Bird round has been pretty widely reported, suggesting that the company is raising $150 million at a $1 billion valuation. That, too, comes amid a big effort by competitor Lime to raise a big funding round. These documents indicate that the company has authorized the sale of those shares, though it may not fully fill out the round. The certificate of incorporation document was provided by Lagniappe Labs, creator of the Prime Unicorn Index.
The document indicates that Bird has authorized the sale of 31.5 million new shares in its financing round at a value of $6.15 per share, which if fully sold could net the startup as much as $200 million in this round. This round would value the company at just over $1 billion, a new financing round that follows up a $100 million round announced in March.
These kinds of rolling rounds are not completely uncommon. Instead of bundling everything together in a single round, startups may sometimes have a process that includes follow-on investment rounds, of which this may be a component. The last funding round in March valued the company at around $300 million.
Needless to say, scooters are a hot market right now even if they are facing a lot of friction when it comes to dealing with leaving their scooters everywhere around cities. But running startups that are hardware-focused — especially on-demand ones that have to manage a network of scooters that need to have enough of a charge to get someone from point A to point B, lest they have a bad experience and switch to an alternative — can be an expensive proposition. The hardware component itself, too, can be a tough business.