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Startups

Hit by Big Loss, Bird Seeks $300M in New Funds

The wintertime was bleak for Bird. In this year’s first quarter, the electric scooter operator lost nearly $100 million while revenue shrank sharply to only about $15 million, people familiar with the matter said. In the spring, it told people it was down to about $100 million in cash, even after raising more than $700 million over a year and a half. 

It’s well known that scooter companies struggled in the colder months of the year, but the depth of Bird’s problems hasn’t been previously reported. Now, the company that unleashed the global scooter craze is trying to raise hundreds of millions of dollars more in venture capital by convincing investors that it has started to turn around, recording what one person familiar with the figures said was double-digit revenue growth each month since February. Prominent in its pitch is previously unreported internal data, obtained by The Information, that aims to show Bird’s new scooters are durable enough so that each ride makes money.

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