E-scooter start-up Bird is the burgeoning industry’s first unicorn, with a recent funding round that values the company at $1 billion, according to a Bloomberg report.

The start-up is raising $150 million in a round led by Sequoia Capital, the business news site said citing anonymous sources. Bird may raise more money in the new round, one source told Bloomberg.

Bird declined to comment, and California-based Seqouia could not be immediately reached.

A billion-dollar valuation would place Bird at the forefront of an industry where it faces challenges from major players.

Bird is one of the earliest entrants to the electric scooter sharing industry, alongside rivals Lime and Spin, but ride-sharing giants have indicated they’re eyeing the space. Uber agreed to buy Jump, an electric bike company, earlier this year.

The idea is something between a city bike program and a ride-sharing service. Users sign up with an app, reserve an electric scooter for quick transport and drop it off at their destination.

The service has been rapidly adopted and is clogging up sidewalks in cities like Los Angeles and San Francisco, where city officials have vowed to curtail the congestion.

Read the full Bloomberg report.