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 million 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.
