Canadian pension major Caisse de dépôt et placement du Québec has helped much hyped electric scooter business Bird to a $2.5bn valuation by helping lead a Series D investment round.
Sequoia Capital co-led the $275m round Bird, with CDPQ revealing it commited $50m to the business.
The round keeps Bird in the same high echelon of valuation reached by competitor Lime earlier this year, having last been valued at about $2.3bn in 2018.
Lime was said to be worth about $2.4bn in February thanks to a $310m Series D round led by Andreessen Horowitz, Bain Capital Ventures, Fidelity Investments, GV, and IVP.
Bird operates shared electric scooters in over 100 cities globally, offering an increasingly popular clean mobility option for short urban rides.
CDPQ senior managing director Jeffrey Smith said, “Bird fits directly within our strategy to invest in innovative and disruptive tech sectors such as sustainable mobility.
“This new partnership also supports our commitment to take part in the transition toward a less carbon-intensive global economy.
“We look forward to continue building a business which provides micromobility solutions in cities around the world.”
Copyright © 2019 AltAssets