Japan-based telecoms SoftBank’s multi-billion Vision Fund invest $300m in US-based dog walking service Wag. The valuation of the deal was not disclosed. The company was reportedly looking to raise $100m before Vision Fund made the offer. Wag’s most significant competitor is Rover, which had raised a total of $155m from a range of backers including pet accessories retailer Petco.
As part of the deal, it was also announced that Jeffrey Housenbold, managing partner at SoftBank Investment Advisers, will become Wag’s chairman, while SoftBank Investment Advisers senior investor Ted Fike will also join Wag’s board of directors.
Founded in 2015, Wag has created an app-based on-demand dog walking service that gives owners access to insured and bonded walkers in their own communities.
This is just one of the many deals SoftBank has done across various sectors over the past year, as shown on the GCV Analytics bubble chart.
