Ya might know them by their signature wooly fabric - and for being sported by some big name celebs like JLo and Ben Affleck.
Background: Allbirds is an eco-friendly footwear company that was founded by former New Zealand soccer player, Tim White. Ya might know them by their signature wooly fabric - and for being sported by some big name celebs like JLo and Ben Affleck.
What happened: A 'lil while ago, this crew flagged they were headed for an IPO (aka they were launching publicly on the stock exchange). And last week, they had their long-awaited debut.
What else: Not unlike the Bitcoin ETF, this IPO did not disappoint. Shares were up 92.6% to US$29 after the stock's first day of trade. And the tech-enabled company was valued at U$S3.3 billion.
💡There's tech businesses and there's tech-enabled businesses. Same same, but very different.
💡Allbirds is a tech-enabled company (aka, it uses tech like e-commerce to improve its traditional business of making and selling shoes). A pure tech company is a company that operates solely in the tech realm (i.e. Canva or Atlassian).
💡Tech-only businesses can scale infinitely without additional humans, whereas tech-enabled companies have a few more hurdles to jump in order to scale.This leads to lower margins overall than tech-only companies, and therefore lower valuations.
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