Trystan Casey
Bird is an electric scooter company that operates a dockless vehicle-sharing platform. The company works with cities to provide citizens with access to shared personal electric vehicles that can be picked up and dropped off anywhere, reducing car usage, traffic, and congestion. Bird's scooters are available in over 100 cities in Europe, the Middle East, and North America. The company offers three vehicle models: Bird Two, Bird One, and Bird Cruiser. As of 2018, Bird had raised $300 million in new funding, with a valuation of $2 billion. However, recent reports in December 2023 indicate that Bird has filed for bankruptcy. For those interested in investing in Bird, EquityZen provides a marketplace for investors to buy pre-IPO shares in the company. Before investing, it is important to consider the company's financial health and profitability prospects, which depend on factors such as scooter lifespan, frequency of use, maintenance costs, and market expansion.
| Characteristics | Values |
|---|---|
| Company Type | Electric scooter company |
| Company Model | Dockless electric scooter-sharing service |
| Company Goal | To make transportation more environmentally friendly by reducing car usage, traffic, and congestion |
| Company Headquarters | Santa Monica, California, United States |
| Company Founder | Travis VanderZanden |
| Company Funding | $300 million in new funding with a $2 billion valuation |
| Company Investors | Sequoia Capital, Accel Partners |
| Company Competitors | Spin, LimeBike |
| Company Offerings | Bird Two, Bird One, Bird Cruiser |
| Investment Options | EquityZen |
| Investment Options Details | A marketplace for shares of pre-IPO tech companies that brings together investors and shareholders |
| Scooter Models | Bird One, Bird Two |
| Scooter Features | Advanced design, long-lasting battery life, larger wheel size for a smoother ride |
| Purchase Considerations | Warranty, return policy |
| Purchase Warranty | One-year limited warranty covering manufacturing defects |
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What You'll Learn
Bird's business model and profitability
Bird is a dockless electric scooter company that develops a vehicle-sharing platform. The company works closely with cities to make transportation more environmentally friendly by reducing car usage, traffic, and congestion. The company was founded in 2017 by Travis VanderZanden, a former Uber and Lyft executive. Bird is headquartered in Santa Monica, California, and its scooters are available in 100+ cities in Europe, the Middle East, and North America.
Bird's business model involves allowing users to rent scooters for short trips via an app. The company generates revenue through ride charges, including a base activation fee and a per-minute fee for scooter usage. Bird's profitability is influenced by multiple factors, such as scooter lifespan, frequency of use, and maintenance costs.
Early Bird models faced rapid wear and tear, resulting in high replacement costs. However, with the introduction of more robust models designed for repeated commercial use, the company has seen an increase in scooter lifespan, positively impacting profitability. Bird has also improved its operational efficiency by streamlining maintenance and rebalancing processes, contributing to reduced operational costs.
The company's expansion into new markets and acquisition of new users are crucial for scaling and increasing revenue streams. Bird's profitability may vary across regions due to differences in market saturation and regulatory environments.
Bird has faced challenges, including workplace issues and the impact of the COVID-19 pandemic. The company has adapted by changing its business model, moving from running its own fleets to managing fleets controlled by independent operators. This shift has improved revenue quality and reduced depreciation costs. Bird is pursuing a SPAC-led deal to go public and raise additional capital, indicating a multiyear path to profitability.
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Bird's early investments
Bird, a dockless electric scooter company, was founded in 2017 by Travis VanderZanden, a former Uber and Lyft executive. The company is headquartered in Santa Monica, California, and its scooters are available in 100+ cities in Europe, the Middle East, and North America. Bird's vehicle-sharing platform aims to provide affordable and environmentally friendly transportation solutions by offering three vehicles: Bird Two, Bird One, and Bird Cruiser.
Bird, like many startups, likely required early investments to get its business off the ground. Early bird investors are individuals or organizations that provide capital to startup companies in their early stages, often in exchange for equity. They typically fall into two categories: venture capitalists and angel investors. Venture capitalists invest in young companies too early in their lifecycle to access traditional financing methods, while angel investors are generally wealthy individuals who provide funding to small businesses, often with experience in the industry. Early bird investors play a crucial role in the startup ecosystem by allowing entrepreneurs to turn their ideas into reality. They assume a higher degree of risk by investing in unproven businesses but can also reap greater rewards if the investment succeeds.
To become an early bird investor in Bird or similar startups, one needs to be comfortable with taking on risks and have a good understanding of the industry. It is essential to believe in the company and its potential for success. Early bird investors can provide the initial funding necessary for startups to launch their products or services, making them instrumental in the success of many companies.
While I cannot provide specific details of Bird's early investments, the company's rapid expansion and success suggest that early investors played a pivotal role in its growth. Early investors in Bird would have recognized the potential of the company's vehicle-sharing platform and its contribution to sustainable transportation solutions. Their investments would have facilitated Bird's expansion across cities worldwide and established its presence in the micromobility market.
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Bird's bankruptcy
Bird Global, the company behind Bird, a dockless electric scooter company, filed for bankruptcy protection in December 2023. The company, once valued at $2.5 billion, filed for Chapter 11 in the U.S. Bankruptcy Court. Bird's descent into bankruptcy was remarkable, given its rapid growth and backing from prominent Silicon Valley investors. The company's business model centred around a short-term scooter rental service available in over 350 cities worldwide.
However, Bird faced challenges due to safety concerns and restrictions on e-scooters in some cities. There were also reports of a surge in injuries related to electric scooters, product recalls, and fire hazards. These factors likely contributed to Bird's financial struggles, leading to its bankruptcy filing.
To facilitate its restructuring, Bird had a $25 million financing agreement with Apollo Global Management and second-lien lenders. The company emerged from Chapter 11 proceedings in April 2024 under a new parent company, Third Lane Mobility Inc. This transaction included the sale of Bird's assets, encompassing both the Bird and Spin brands.
Bird's emergence from bankruptcy positioned it for long-term sustainable growth, with a strengthened balance sheet and reduced operating expenses. The company continues to operate in cities across the globe, maintaining and expanding its operations.
Investing in Bird Electric Scooters
While Bird has faced financial challenges, it is possible to invest in the company through EquityZen, a marketplace for shares in pre-IPO tech companies. EquityZen provides access to Bird stock and facilitates the buying and selling of private company shares.
When considering investing in Bird, it is important to research the different models they offer, such as Bird One and Bird Two, each with unique features catering to different rider needs. It is also crucial to understand the warranty and return policies before making a purchase.
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Bird's scooter models
Bird offers three electric scooter models: Bird One, Bird Two, and Bird Cruiser. Each model has unique features and specifications that cater to different riders' needs.
Bird One is known for its advanced design and long-lasting battery life. It is also more durable, powerful, and longer-lasting than previous versions, with a lifespan of at least 12 months. It comes in three different colours and can be purchased for $1,299.
Bird Two boasts a larger wheel size for a smoother ride.
The original model of the Bird scooter is the Xiaomi M365, also known as the Xiaomi Mi scooter. It retails for $399 on Amazon and has a top speed of 15mph and a range of 18 miles.
Bird has also used the Segway Ninebot ES2 model, which has a top speed of 15mph and a range of 15 miles. This model retails for under $600 on Amazon.
In addition to these models, Bird offers monthly personal rentals of the Xiaomi M365 and has previously used the Ninebot ES scooters and Segway ES2 and ES4 models.
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Bird's warranty and return policy
When purchasing a Bird electric scooter, it is important to be aware of the warranty and return policies. Most Bird electric scooters come with a one-year limited warranty that covers manufacturing defects. This warranty may not be applicable if the scooter is purchased from an unauthorized seller. Therefore, it is advisable to purchase from a trustworthy retailer to ensure warranty eligibility.
The Bird One Manufacturer's Limited Warranty covers all defects in material and workmanship arising from normal use. If a defect occurs, Bird will repair or replace the product in accordance with the warranty terms. To submit a claim, proof of purchase from Bird or an authorized retailer, as well as the product's serial number, is required. Upon verification of eligibility, additional information such as name, email address, mailing address, and contact number must be provided to obtain a return materials authorization (RMA) number.
Bird must receive the defective product within 30 days of issuing the RMA. The product should be packaged securely to prevent any damage during shipment, as the customer is responsible for any transit-related issues. An authorized service provider will inspect the product, and if the issue is not covered under the warranty, Bird will notify the customer and offer alternative solutions for a fee. For eligible claims, Bird will cover the reasonable return shipping charges.
It is important to note that the warranty period may vary depending on the specific model of the Bird electric scooter. Therefore, it is recommended to carefully review the warranty details and return policy before finalizing the purchase to ensure a smooth ownership experience.
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Frequently asked questions
Bird, the electric scooter start-up, is a private company, so you can invest in Bird stock by buying pre-IPO shares through EquityZen's platform. EquityZen is a marketplace for shares of pre-IPO tech companies, bringing together investors and shareholders.
Bird operates by allowing users to rent scooters for short trips via an app, revolutionizing urban transportation. The company generates revenue through ride charges, which include a base activation fee and a per-minute fee for the use of the scooter.
Bird has faced financial losses in its initial years, typical of start-ups in growth mode. However, recent reports suggest a trend towards improving profitability. Bird has seen an increase in the average lifespan of its scooters, which has positively impacted their bottom line. Scaling and market expansion are crucial for increasing revenue streams, but profitability may vary across regions.
