New Zealand’s sustainable shoemaker Allbirds has closed a US$100 million funding round which will allow it to enter new product categories while maintaining its commitment to using sustainable materials.

The capital raising was backed by investment firms Franklin Templeton, T.Rowe Price, Baillie Gifford, TDM Growth Partners, Rockefeller Capital Management and a number of new and returning investors.

And, according to the brand, the size of the investment is an indication of its investors belief in its ecofriendly business model – despite the current challenges plaguing the retail sector.

“Business can be a force for positive change, and this additional capital will allow us to further our mission of bringing more sustainable products to people around the world,” Allbirds co-ceo Joey Zwilinger said.

“We have seen the power of collective action in response to the global pandemic and, as we continue to grow, we will push for a similar united response to another universal threat: climate change.”

The Series E funding follows the launch of the brand’s Tree Dashers performance shoes, as well as international expansions into Japan and South Korea. The business currently operates within 21 retail locations across the United States, Europe, Asia and New Zealand.

“Allbirds demonstrates what’s possible when you combine a customer-focused approach to business with a true dedication to addressing environmental issues,” said Sara Araghi, research analyst and portfolio manager and Franklin Templeton.

“We’ve been impressed with the company’s outsized growth in a competitive category, and are thrilled to invest with them in the hopes of creating a more sustainable future.”