scooter

Bird is looking to raise more capital due to an incredibly high burn rate, The Information reported Thursday.
The report said the scooter startup lost $100 million in the first quarter, a number refuted by a company spokesperson.
Raising more money could help Bird pass Lime to be the world’s most valuable micromobility startup.

Bird has its eyes on another capital raise, The Information reported Thursday.

The scooter company, one of the largest in a swarm of similar micromobility startups, has already raised $718 million in its short lifetime, according to Pitchbook data, and now it reportedly needs up to $300 more by the end of the summer.

A fresh infusion could raise the Santa Monica, California-based company’s valuation beyond its current $2.3 billion, potentially helping Bird pass its competitor Lime as the most highly valued startup in the space.

The Information also reported that Bird lost $100 million in the first quarter of 2019, with its revenue shrinking to $15 million during the same time period. That’s left the company with about $100 million in cash despite the recent capital raises, according to the report.

A Bird spokesperson declined to comment, but said the $100 million loss, as reported by the Information, is incorrect. The company declined to share any additional financials concerning its burn rate.

Read the full Information report here.

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Source:: Business Insider

      

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