Total amount raised
$371.5 Million
Latest funding date
07/01/2024
Location
Wag has participated in nine funding rounds, with its latest funding raised from a Post-IPO Equity round. The company is backed by 23 investors, including Akkadian Ventures and SoftBank Vision Fund.
Wag has also made three acquisitions, with WoofWoofTV being the most recent. Keep reading to explore the intricacies of Wag's fundraising journey and the investors backing this innovative platform.
What Is Wag?
Wag! is a mobile application that connects pet owners with trusted and certified dog walkers and pet caregivers. The company operates in the pet care services industry, offering services such as dog walking, pet sitting, boarding, and drop-in visits. Wag! emphasizes the trustworthiness of its caregivers, who are background-checked and reviewed by other pet owners.
Founded in Mountain View, California, Wag! has grown to employ between 101-250 people. The platform is widely used across the United States, with over 500,000 pet caregivers available nationwide. Wag! is a public company, listed under the stock symbol NASDAQ:PET, and has raised funding through multiple rounds, including a Post-IPO Equity round.
How Much Funding Has Wag Raised?
- Seed Round
- Amount Raised: USD 2,450,000
- Date: May 2015
- Lead Investors: Freestyle Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin operations in initial markets.
- Series A
- Amount Raised: USD 4,000,000
- Date: January 2016
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the service to new cities and enhance the app's features.
- Series B (First Round)
- Amount Raised: USD 15,000,000
- Date: October 2016
- Lead Investors: ACME Capital, Sherpa Healthcare Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve customer service infrastructure.
- Series B (Second Round)
- Amount Raised: Not publicly disclosed
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and market penetration.
- Series Unknown
- Amount Raised: USD 40,000,000
- Date: April 2017
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the platform's reach and enhance technology.
- Series C
- Amount Raised: Not publicly disclosed
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To solidify market position and prepare for future growth.
- Private Equity
- Amount Raised: USD 300,000,000
- Date: January 2018
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support large-scale expansion and address operational challenges.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: August 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: USD 10,000,000
- Date: July 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further growth and innovation post-IPO.
Total Amount Raised: USD 371,450,000. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund
- Details: Managed by SoftBank Investment Advisers, the Vision Fund is one of the largest technology investment funds in the world.
- Investment Focus Areas: Technology companies, transformative industries, new market creation.
- Notable Investments: WeWork, Didi Chuxing, Grab.
- Akkadian Ventures
- Details: Akkadian Ventures focuses on secondary market investments, providing liquidity to early investors and employees.
- Investment Focus Areas: Secondary market investments.
- Notable Investments: Secondary Market - Wag.
- Battery Ventures
- Details: A global, technology-focused investment firm that has been investing in innovative companies since 1983.
- Investment Focus Areas: Software and services, enterprise IT, industrial technology.
- Notable Investments: Glassdoor, Nutanix, Sprinklr.
- General Catalyst
- Details: A venture capital firm that invests in powerful, positive change that endures, supporting early-stage and growth-stage companies.
- Investment Focus Areas: Early-stage companies, growth-stage companies, various sectors.
- Notable Investments: Airbnb, Stripe, Snap.
- Sherpa Capital
- Details: A venture capital firm focused on early-stage and growth-stage investments, particularly in consumer technology and digital media.
- Investment Focus Areas: Consumer technology, digital media.
- Notable Investments: Uber, Airbnb, Munchery.
What's Next for Wag?
Wag is poised for significant growth, leveraging the $300 million investment from SoftBank Vision Fund to expand into new cities and enhance its technology. The pet care market is booming, offering vast opportunities for Wag to scale its operations and innovate its service delivery.
Future fundraising looks promising, with the potential to attract more large-scale investors, thanks to SoftBank's backing. However, Wag must navigate challenges such as maintaining service quality and handling competition from other on-demand pet care services.
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