Bird works to convince investors it’s still a sure bet after big winter losses
Now we know why birds fly south before the cold hits…
According to The Information, the electric scooter operator lost nearly $100m this winter (in Q1), while revenue decreased to about $15m.
By springtime, the company admitted it spent all but $100m of the $700m it raised a year and a half earlier — and thus came the sharp end to Bird’s onetime furious investor frenzy.
Now, as the summer heats up, the company claims to be heading in the right direction. And it’s working overtime to re-convince backers — as it seeks yet another funding round worth hundreds of millions of dollars.
Flying north for the winter causes more work in the long run
Bird released a pitch to investors that listed several quick moves the company has made to reduce the fierce cash burn in recent months — like building its scooters with more durable hardware, and cutting back on 5% of its staff.
According to some investors, it’s helping
The company is projecting solid growth in the summer months, where it expects to break even by taking its classic tech-bro ethos of “asking for forgiveness, not permission” back on the road.
Bird announced that it plans to build its “second home” in Paris — promising to hire 1k people over the next 2 years — despite Paris’ vehement crackdown with public scooter limitations in recent weeks.
Because if you’re not first on all of the world’s micro mobility freeways (even the regions that don’t want you) — you’re apparently last.