Silicon Valley favorite Allbirds announced Thursday that it has closed Series C funding of $50 million, led by T. Rowe Price Investment Management, Fidelity Management & Research Company and Tiger Global. Total funding has reached $75 million. Allbirds, a shoe brand made with sustainable materials, will use the money to research sustainable materials and to execute an expansion strategy. The company currently sells through its website in the U.S., Australia, Canada, and New Zealand and at retail stores in New York and San Francisco. A store is opening in London with shipping operations launching in the U.K. in 2019. Allbirds launched in 2016. The SPDR S&P Retail ETF XRT, -2.46% is up 4.4% for the year to date, the Amplify ONline Retail ETF IBUY, -5.02% has gained 8.7%, and the S&P 500 index SPX, -3.29% is up 4.2% for the period.
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