Total amount raised
$371.5 Millions
Latest funding date
07/01/2024
Location
Wag has successfully raised $10 million in a recent Post-IPO Equity round, adding to its diverse funding portfolio. The platform connects pet owners with trusted caregivers for services like dog walking, pet sitting, and boarding.
With over 400,000 caregivers nationwide, Wag continues to expand its reach and service offerings. Keep reading to explore the intricacies of Wag's fundraising journey and the investors backing this innovative platform.
What Is Wag?
Wag! was founded on October 1, 2014, by Brendan Rogers, Jason Meltzer, Jonathan Viner, and Joshua Paul. The company is headquartered in Mountain View, California, and operates in the pet care, apps, and crowdsourcing industries.
With a workforce of 51-100 employees, Wag! connects pet owners with trusted caregivers for services like dog walking, pet sitting, and boarding. The platform boasts over 400,000 caregivers nationwide and has completed more than 12 million services.
How Much Funding Has Wag Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: May 7, 2015
- Lead Investors: Freestyle Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and expand early operations.
- Series A
- Amount Raised: $4M
- Date: Jan 1, 2016
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase market reach.
- Series B
- Amount Raised: $15M
- Date: Oct 1, 2016
- Lead Investors: ACME Capital, Sherpa Healthcare Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and improve technology infrastructure.
- Venture Round
- Amount Raised: $40M
- Date: Apr 1, 2017
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and increase user acquisition.
- Private Equity Round
- Amount Raised: $300M
- Date: Jan 30, 2018
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support technology-driven growth and global expansion.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: Aug 29, 2018
- Lead Investors: Akkadian Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Post-IPO Equity
- Amount Raised: $10M
- Date: Jul 18, 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand service offerings and enhance platform capabilities.
Total Amount Raised: $371.5M. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a $100 billion venture capital fund that invests in technology companies globally. It aims to support transformative companies that are creating new markets and industries.
- Investment Focus Areas: Technology, telecommunications, artificial intelligence, robotics, e-commerce.
- Notable Investments: WeWork, Didi Chuxing, Grab, Uber, Katerra.
- Battery Ventures
- Details: Battery Ventures is a venture capital firm that invests in technology and innovation. The firm has been active since 1983 and focuses on both early and growth-stage companies.
- Investment Focus Areas: Software, industrial technology, consumer technology, IT infrastructure, healthcare.
- Notable Investments: Not publicly disclosed.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. The firm aims to partner with founders to build innovative and enduring companies.
- Investment Focus Areas: Technology, healthcare, consumer, financial services, enterprise.
- Notable Investments: Not publicly disclosed.
- Sherpa Capital
- Details: Sherpa Capital is a venture capital firm that focuses on early-stage investments. The firm partners with entrepreneurs to help them scale their businesses.
- Investment Focus Areas: Technology, consumer, healthcare, financial services, enterprise.
- Notable Investments: Not publicly disclosed.
- Freestyle Capital
- Details: Freestyle Capital is a venture capital firm that invests in early-stage technology companies. The firm focuses on providing seed funding to innovative startups.
- Investment Focus Areas: Technology, consumer, enterprise, healthcare, financial services.
- Notable Investments: Not publicly disclosed.
What's Next for Wag?
Wag is poised to capitalize on the growing demand for on-demand pet care services. With a substantial $300 million investment from SoftBank Vision Fund, the company is well-positioned to expand into new markets and enhance its technology and service offerings. The pet care market is rapidly growing, providing significant opportunities for Wag to increase its market share and diversify its services.
Future fundraising opportunities are likely, given the strong backing from SoftBank and the potential for further investments from large venture capital firms. As Wag scales, it may also explore public offerings or strategic acquisitions to fuel its growth. However, the company must address challenges such as maintaining service quality and customer satisfaction amidst rapid expansion and competition from other pet care providers.
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