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board governance
capital allocation strategy
global best practices
investor relations
m & a strategy
minority interest
private to public transition
supportive long-term shareholder

Situation

Allbirds is a global vertically integrated footwear and apparel brand, which is loved by its customers for a combination of comfort, simplicity and environmental sustainability. Allbirds’ Direct to Consumer model is supplemented by best-in-class retail store performance.

 

Aligned Values

Allbirds is a founder led, mission driven business with a core focus on sustainability and innovation. We loved the co-founders, Tim and Joey’s passion to build a truly authentic brand with a mission to produce “better things in a better way”. We shared the belief that the next generation of winners will be ‘purpose native’ from day one and represents another case of TDM investing in businesses we are proud of.


Partnership

As a result of TDM’s relationship with Allbirds’ co-founder and co-chief executive Tim Brown, TDM was the only Asia-Pacific region investor in Allbirds’ Series E round in August 2020. Prior to investment, TDM had been actively building the relationship with Allbirds for over 12 months. The funding round valued the business over US$1.7b.

In November 2021, TDM supported the Allbirds’ IPO as a cornerstone investor as it listed on the NASDAQ. The company raised $300m in the offer, which saw it finish the first day of trading valued at US$4.2b.

 

Growth

Allbirds is one of the fastest growing direct to consumer companies in the world, having achieved ~US$200m in annual revenues in just 4 years, with the potential to become a multi—billion-dollar business in a US$365b global market. We believe there remains a very long duration growth opportunity driven by product extension, increased customer purchase frequency as the product range builds, and international expansion across multiple markets, both online and offline.

 

 

 

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