Telecommunications and internet group SoftBank’s Vision Fund agreed yesterday to invest $300m in US-based dog walking service Wag at an undisclosed valuation.
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, 24 hours a day, seven days a week.
The company was originally looking to raise $100m before Vision Fund made the offer, undisclosed sources told Recode last month. Its biggest rival in the space is Rover, which has received a total of $155m in funding from backers including pet accessories retailer Petco.
Jeffrey Housenbold, managing partner at SoftBank Investment Advisers, will become Wag’s chairman while SoftBank Investment Advisers senior investor Ted Fike will also join its board of directors as part of the deal.
The company has also recruited Hilary Schneider as chief executive. Schneider was most recently CEO of LifeLock, the identity theft protection technology developer acquired by Symantec for $2.3bn in March 2017.
Housenbold said: “The SoftBank Vision Fund invests in entrepreneurs who are leveraging the latest technology to transform existing industries and create new ones. Wag is a clear leader in the rapidly growing global market for pet care services, and we are delighted to support their mission and team.”
Wag has now raised $368m altogether, having most recently secured $40m in an April 2017 round led by venture capital firm Battery Ventures.
The company’s past investors include General Catalyst, Sherpa Capital, Bullpen Capital, CrunchFund, Greylock Partners, Ludlow Ventures, RRE Ventures, Slow Ventures, Social Leverage, Structure Capital and Freestyle Capital.