May 25, 2018

Rover raises $155 million to walk your dog

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Rover, a Seattle-based pet-sitting and walking platform, raised $155 million in new funding led by T. Rowe Price at a post-money valuation just south of $1 billion.

Why it's a big deal: Because this reflects how some deep-pocketed investors aren't succumbing to the shock-and-awe investment strategy of SoftBank, which recently plugged $300 million into Rover rival Wag.

Other investors included Winslow Capital, Cross Creek Capital and return backers like TCV, Greenspring Associates and Spark Capital. Rover also secured a $30 million credit facility from Silicon Valley Bank.

Bottom line from Rover investor Greg Gottesman, via GeekWire:

“I think what [skeptics] missed is that the market was always far bigger than kennels or other professional service providers. Rover is an easy substitute for your in-laws or a neighbor watching your beloved companion.”
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