Rover, a US-based dogsitting service provider backed by pet products retailer Petco, closed a $40m series E round today co-led by Foundry Group and Menlo Ventures.
Madrona Venture Group also participated in the round, which follows reports three weeks ago that Rover was seeking a series E round at a $300m valuation. Rover has not confirmed the valuation.
Rover operates an online marketplace for owners to book dog sitters and walkers. The company, which claims to list more than 65,000 sitters, handles background checks and allows sitters to map walks, track activity and share photos and video through a dedicated app.
The cash will go towards product development and geographical expansion. The company also hopes to conduct a range of merger and acquisition deals, though further details have not yet emerged.
The company has now raised a total of $91.5m. Petco took part in a $25m funding round in March 2015 led by Technology Crossover Ventures with participation from Foundry Group, Madrona and Menlo.
Petco had also injected money as part of a $3.5m round in 2013 and a $12m round in 2014. Rover’s remaining backers also include CrunchFund
Petco had previously taken part in a $3.5m round in 2013 and a $12m round the following year. Rover’s past investors also include venture fund CrunchFund.
Aaron Easterly, CEO of Rover, said: “We are incredibly grateful for the continued support of our investors and their desire to increase their investment in our company.
“Over the last three years, we have grown nine times faster than the next largest competitor and are the market share leader in every major metropolitan area. This is a testament to the talented, passionate and hard-working team at Rover.”