RIDEGURU
Lot of cash for a company that can't turn a profit...
...That may have something to do with grim reports that emerged earlier this year about the financial instability of scooter sharing. Bird lost nearly $100 million during the first quarter of 2019, while revenue shrank sharply to only about $15 million, according to The Information. In the spring, the scooter startup was down to about $100 million left in cash.
https://www.theverge.com/2019/10/3/20895798/bird-scooter-fundraising-valuation-unit-economics
Comments
LOL @ $2,500,000,000.00 for a scooter company that charges $1 + a few cents a minute and has HUGE operation costs.
They're a bigger investment disaster than Uber and Lyft.
It's really absurd when you think of it that way. They need ~2.5B minutes of rides to make this up to their investors... That's if they had no expenses...
Another unicorn that'll never be profitable
I am never sure how these valuations are actually determined... they always seem quite high to me, but what do I know?