Bird, the electric scooter rental startup, is finalizing a fundraising round led by existing investor Sequoia Capital that would value it at $2.5 billion.
That would a slight premium on the $2.3 billion valuation Bird commanded last year, potentially a reward from its current investors for showing progress on its ability to lengthen the lifespan of its scooters.
The Information first reported earlier this month that the company was seeking between $200 million and $300 million at a richer price than its current valuation. The company is raising money after a difficult winter as it endured big losses, slowed growth, and quickly burned through cash.
Now, Bird is getting more runway. The funding should allow Bird to go toe to toe with rival Lime, which has expanded more quickly across Europe. It will also have to prove over the course of a full year that it has a durable business.