Bird Acquires European e-Scooter Company Circ, Raises $75 Million More

Ben Bergman

Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.

Bird Acquires European e-Scooter Company Circ, Raises $75 Million More
Courtesy of Bird

Continuing its recent acquisition strategy, Santa Monica-based Bird announced Monday it has acquired Berlin based Circ, the leading shared e-scooter company in Europe and the Middle East. With the deal, Bird will add 300 employees to its operations.

"I founded Bird nearly three years ago because we need to change the status quo and take a transformative stance to combat the traffic and pollution that affect our cities and endanger people globally," Travis VanderZanden, founder and CEO of Bird said in a statement. "To further advance our mission, we're excited to acquire Circ which is the clear European leader. We like their laser focus."


Terms of the deal were not disclosed, which comes on the heels of last year's purchase of west coast rival Scoot for a reported $25 million.

The scooter business has scaled up quickly, with Circ only founded in 2018 and Bird in 2017. Circ boasts operations spanning 43 cities in 12 countries. In November, TechCrunch reported the company laid off employees, which the founder attributed to "operational learnings." (Bird also went through layoffs last spring.)

Bird also announced Monday that it has raised an additional $75 million in capital after increasing its Series D round to $350 million. The round was led by CDPQ and Sequoia Capital.

It is a good sign for a company that has reportedly been burning through cash.

In July, The Information reported that in the first quarter of last year -- during the slow winter months -- the electric scooter operator lost nearly $100 million while revenue dipped to about $15 million. Sources said Bird was down to just $100 million in cash after raising more than $700 million a year and a half before.

Bird is currently valued at $2.7 billion, according to Pitchbook data, and the company has been trying to sell investors on what it describes as a more prudent business model.

"Investors today are looking for financially disciplined companies with a clear path to profitability," said VanderZander. "More than 12 months ago we shifted our focus from growth to profitability which put us in a position to deliver the strongest unit economics and longest-lasting custom-designed vehicles of any micro-mobility company today."

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March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

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Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

The Three Best Ways to Work With Your Startup Board

When launching and running a startup, your board of directors is one of your most valuable assets. If you already understand why you need a board and how to structure your board, it may be tempting to think you can cross that item off the list. But building a board is just the beginning. Now you’ve got to get down to business—together.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M
This Week in ‘Raises’:

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