Sequoia-backed e-scooter unicorn Bird just announced a SPAC. Here's 6 key takeaways from its investor deck

Posted On: Jun 23, 2021   |   Posted By: Business Insider

Sequoia-backed e-scooter unicorn Bird just announced a SPAC. Here's 6 key takeaways from its investor deck

Summary List Placement Shared e-scooter startup Bird is going public via a SPAC deal after months of speculation.
The special purpose acquisition company Switchback II Corporation will acquire Bird in a deal that values the scooter startup at $2.3 billion. Bird had been rumored to be in talks with a number of SPACs last fall. The site dot.LA first reported the agreement .
Among the beneficiaries will be Sequoia Capital, which led Bird's Series C and Series D investment rounds, as well as early investor Craft Ventures, the firm helmed by David Sacks, the former PayPal executive and Yammer founder. Another backer, Fidelity Investments, would also see a payday, having sold 12% of its shares in the company at a loss.
The company posted a 50 slide investment deck as part of the process of its application with the SEC. Here are some key takeaways: Covid hit Bird hard
The COVID-19 pandemic hit Bird hard in 2020: Its revenue dropped 37% to $95 million last year, from $151 million in 2019. It also posted an $180...

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