In San Francisco, the latest trend among venture capitalists and entrepeneurs is AllBird, a loafer made of wool and castor bean oil.
New York Times reports that Google cofounder Larry Page, Twitter alumni Dick Costolo, and VC’s Ben Horowitz and Mary Meeker have all been spotted wearing AllBird shoes. Retailing for $95 a pair, the shoes boast comfort and simplicity. The company raised just under $10 million in funding last year and plans to open a Manhattan location in the fall.
“No. 1, breakthrough material; two, you didn’t need socks, that changes the idea of shoes; and No. 3, it was a single shoe,” says investor Dave Morin of Slow Ventures. “I think of it as classic Apple simplicity strategy.”
Founded in 2014, the company has quickly grown to 50 employees and almost 400 contractors. In keeping with Silicon Valley’s tradition of extravagant perks, daily 4 PM staff meetings at the company’s San Francisco location includes complemetary frosé.