Start-ups are known for disruption and upsetting the status-quo. Here is another one. Electric scooter startup – Bird – has become the fastest company to become a unicorn, or a company with a valuation of $1 billion.
The company was founded in September 2017 and has hit the $1 billion mark in under ten months, the fastest ever. The previous record from founding to unicorn was 1.79 years, set by 3D-printing company Desktop Metal, according to a ranking compiled by VC research firm Pitchbook.
ALSO READ:Ant Financial’s $14 billion fund raise is the talk of the town; read here…
Bird, one of many scooter startups sweeping the US, was last valued at $400 million after closing $100 million in series B funding in early March. In late May, Bird was reported to be raising $150 million in series C funding led by Sequoia Capital, at a $1 billion valuation.
There are reports that Bird, started by former Uber executives, is now raising additional funds in the series C round, seeking a total of $300 million, which would value it around $2 billion and reach another first.
ALSO READ: UK starts a trend, recognises ‘Entrepreneurs’ as a separate visa category
Currently over 200 companies in the Silicon Valley have the “Unicorn” status according to a list maintained by venture-capital research firm CB Insights.