Bird Global

Bird Global, an electric scooter rental company, filed for Chapter 11 bankruptcy protection on December 20, 2023.^13568121318 The company had raised about $500 million in venture capital investments before going public in 2021.¹ Bird's assets were sold to Third Lane Mobility, an entity formed by its lenders, for $145 million in 2024.⁸

Timeline

Money raised

Bird raised $15 million in Series A funding in February 2018.⁶ Bird raised $100 million in Series B funding in March 2018.⁶ Bird raised $300 million in Series C funding in June 2018 at a $2 billion valuation.⁶ Bird raised $275 million in Series D funding in October 2019 at a $2.5 billion valuation.⁶ Bird raised an additional $75 million in Series D extension to fund the acquisition of Circ.⁶ Bird raised $160 million in private investment in public equity (PIPE) from Fidelity and others in connection with its SPAC merger.¹¹ Bird received $40 million in asset financing from Apollo Investment Corp. and MidCap Financial Trust, later upsized to $150 million.¹¹ Bird raised $208 million in a Senior Preferred Convertible equity offering in April 2021.¹¹ Bird lost more than $430 million since the end of 2021.¹ Bird's total raised capital was $883 million, according to IdeaProof.²

Investors named in the sources: Sequoia Capital¹⁶¹¹¹⁸, Accel Partners¹⁶¹⁸, Craft Ventures⁶¹¹, Valor Equity Partners⁶¹⁰¹¹, Index Ventures⁶, CDPQ⁶, B Capital⁶, Fidelity Management & Research Company LLC¹¹, Apollo Global Management¹³⁶⁸¹⁸, MidCap Financial¹³⁸¹¹, Goldcrest Capital¹⁰¹¹, Lead Edge Capital¹⁰, Idinvest Partners¹⁰, Signals Venture Capital¹⁰, Target Global¹⁰, Team Europe¹⁰, Bracket Capital¹¹.

What happened

Bird Global was founded in 2017 by Travis VanderZanden, a former Uber executive.⁶¹⁰ Bird was the first company to deploy shared electric scooters in the United States.⁶ Bird launched its first scooters in Santa Monica, California, in September 2017.⁶ Bird's scooters logged thousands of rides in their first week.⁶ Bird expanded to over 120 cities with thousands of micromobility vehicles.⁶

Bird raised $15 million in Series A funding in February 2018.⁶ Bird raised $100 million in Series B funding in March 2018.⁶ Bird raised $300 million in Series C funding in June 2018 at a $2 billion valuation.⁶ Bird raised $275 million in Series D funding in October 2019 at a $2.5 billion valuation.⁶ Bird acquired Circ, an international competitor, in January 2020 for $75 million.⁶

Bird merged with Switchback II Corporation, a SPAC, and went public on the NYSE in November 2021.³¹¹¹⁸ Bird's stock price declined more than 90% within six months of going public.¹⁸ Bird acknowledged it had overstated its revenue for more than two years.¹⁸ Bird was delisted from the New York Stock Exchange in September 2023.⁵⁸¹⁸ Bird filed for Chapter 11 bankruptcy protection on December 20, 2023.^13568121318

Bird received $25 million in debtor-in-possession financing from MidCap Financial, a division of Apollo Global Management.¹³¹⁸ Bird's Canadian and European operations were not included in the bankruptcy and continued to operate normally.³⁵¹⁸ Bird's founder Travis VanderZanden departed the company in June 2023.¹⁸ Bird's interim CEO Michael Washinushi said the company was making progress toward profitability.³ Bird's stock lost nearly 80% of its remaining value on the day it filed for bankruptcy, closing at 8 cents per share.¹

Bird's scooters were available in more than 350 cities at the time of bankruptcy.⁵¹⁸ Bird's initial scooters had a service life of about 29 days, leading to significant losses per scooter.⁶ Bird lost more than $430 million since the end of 2021.¹ Bird's total raised capital was $883 million, according to IdeaProof.² Bird's creditors objected to the terms of its bankruptcy loan, alleging it benefited insiders.¹⁶

Bird's bankruptcy plan was confirmed, and the company was sold to its lenders.⁸¹² Bird's customers were told the company would operate as usual during the bankruptcy process.⁵ Bird's employees were included in the company's commitment to uphold its obligations during restructuring.⁵ Bird's initial scooters were rebranded Xiaomi M365 scooters that cost about $500 per unit.⁶ Bird's initial scooters generated an average of $12.91 in revenue per unit per day in Louisville, Kentucky.⁶

Bird's cost per ride in Louisville was $2.75, resulting in a gross margin of $0.95 per ride.⁶ Bird paid Louisville a $1 daily fee for each deployed scooter.⁶ Bird's payback period for a legacy scooter was about 216 days, but the average service life was only 29 days.⁶ Bird lost about $433 per scooter on its initial consumer-grade scooters.⁶ Bird burned about $30 million on consumer-grade scooters before upgrading its scooter model.⁶

Bird entered into a stalking horse agreement with its existing lenders.³ Bird expected the court-supervised asset sale process to be complete within 90 to 120 days.³ Bird's financial advisor contacted 137 potential purchasers, including 81 strategic parties.⁸ Bird had bought rival Spin and platform partner Bird Canada as recently as late 2023.⁸ Bird's bankruptcy plan was confirmed, and the company's assets were sold to Third Lane Mobility.⁸¹²

Legal outcomes

• filedBird Global filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida on December 20, 2023.^13568121318
• filedAn official committee of unsecured creditors filed an objection to Bird's bankruptcy loan terms, alleging they were engineered to benefit insiders.¹⁶
• settledBird's bankruptcy plan was confirmed, and the company's assets were sold to Third Lane Mobility.⁸¹²
• dismissedThe Bankruptcy Court for the Southern District of Florida denied a motion to stay confirmation of Bird Global's Chapter 11 plan.¹⁴
• filedA securities class action lawsuit was filed against Bird Global, Inc.¹⁷

Where the founders are now

Travis VanderZanden, Bird's founder, departed the company in June 2023.¹⁸

Sources

1. Electric Scooter Startup Bird Global, Whose Scooters Are in Wheeling, Steers for Chapter 11 Bankruptcy, The Intelligencer, Dec 22, 20
2. Test Your Idea in 120s — Free AI Startup Validator | IdeaProof, IdeaProof.io, Nov 30, 20
3. Electric scooter rental company Bird files for bankruptcy, Fox Business, Dec 20, 20
5. Bird electric scooter company files for bankruptcy amid financial restructuring, plans to, KEYE, 2023-12-20
6. Bird Global: From VC Unicorn to Chapter 11, Pari Passu, 2025-08-08
8. Distressed Scooter Giant Bird Global Sold to Third Lane Mobility for $145 Million, Investment Banking Firm - M&A, Fairness, Valuation & Advisory in Miami, 2024-04-23
10. Bird Asset Profile | Preqin, preqin.com
11. Bird is Set to Go Public With Dallas SPAC Merger, Dallas Innovates, 2021-11-01
12. Bird Global: SPAC Scooter Operator Ends in Liquidating Plan, ElevenFlo, 2026-03-16
13. Epiq 11, dm.epiq11.com
14. Summary: Wright v. Bird Global, Inc. (Bankr. S.D. Fla. Aug. 12 ..., ncbj.org
16. Bird Global Insider Bankruptcy Loan Terms Raise Creditors’ Ire, news.bloomberglaw.com, 2024-02-02
17. Bird Global, Inc. | Rosen Law, Rosen Law, Nov 14, 20
18. Bird files for bankruptcy. The electric scooter maker was once valued at $2.5 billion., CBS News, Dec 20, 20

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