Allbirds, the San Francisco-based casual footwear and sneaker maker, raised $100 million in financing in a funding round that valued the company at $1.7 billion, according to a report in the Wall Street Journal.

The Series E funding was led by Franklin Templeton and will be used to accelerate the expansion of stores, expand the product range and enhance its online platform.

Allbirds has 21 stores, including 11 in the U.S. and five each in Asia and Europe.

Photo courtesy Allbirds