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Trendy Silicon Valley shoe startup Allbirds Inc. is now valued at $1.4 billion, people familiar with the matter say, after raising new cash from investors.
Allbirds, whose sneakers has become hip footwear for striving venture capitalists and celebrities alike, sells two varieties of shoes made of wood or wool. It announced a new $50 million investment round Thursday from backers including T. Rowe Price Investment Management, Fidelity Management and hedge-fund firm Tiger Global Management.
The new valuation, which wasn’t publicly disclosed, vaults the San Francisco footwear brand into the closely watched realm of so-called Silicon Valley unicorns, or startups valued at more than $1 billion. It was valued by investors at $370 million last year, one of the people said.
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