Venture Capital News: Rover.com Secures $125M
SEATTLE, WA, Rover.com, a network of pet sitters and dog walkers, has raised $125 million in funding.
Rover.com, the world's largest network of pet sitters and dog walkers, today announced an investment of $125 million led by funds and accounts advised by T. Rowe Price Associates, Inc. and the closing of a $30 million credit facility with Silicon Valley Bank, bringing Rover's available cash to over $200 million. Other key investors include Winslow Capital and Cross Creek. Existing shareholders TCV, Greenspring Associates and Spark Capital also participated. Rover will use the funding to expand internationally, increase share of market for its on-demand walking service, enhance its core offerings and introduce new service adjacencies.
"This funding round is an important milestone for Rover - we set out to build an enduring business that will fundamentally transform the pet care industry"
Rover is a leader in the $85 billion pet care market, redefining the way pet owners find and book care. As the industry continues to flourish, Rover will leverage its unique capabilities to harness and shape market demand.
"Rover is demonstrating that it can be a leading pet care provider, with a durable, robust, business model," said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund. "We believe Rover can be a much larger company over time, and we look forward to working with the management team as they further innovate and grow the firm's position in the industry."
A substantial portion of this financing will be used to expand Rover's service offerings into Europe -- which represents 25 percent of the global pet care market -- with plans to launch its services in the United Kingdom this July and additional European markets later this year.
"This funding round is an important milestone for Rover -- we set out to build an enduring business that will fundamentally transform the pet care industry," said Aaron Easterly, CEO of Rover. "We're thrilled that such premier investors with a history of long-term investments are joining the Rover family."
The company's network of sitters and walkers has grown more than 100 percent year-over-year, now boasting over 200,000 sitters throughout North America. Rover currently employs more than 375 people in the U.S. with plans to increase its team by one-third by year's end. In 2017, Rover acquired DogVacay and introduced its first-ever media campaign, "The Dog People," to establish Rover's brand as the definitive, trusted name in pet care.
Prior to this round, Rover raised $156 million in previous fundraising efforts. Existing Rover shareholders include A-Grade Investments, Foundry Group, Madrona Venture Group, Menlo Ventures, OMERS Ventures, Petco, and StepStone Group.
Rover.comĀ® is the world's largest network of 5-star pet sitters and dog walkers. Rover connects dog owners with trusted pet care whenever they need it. Millions of services have been booked on Rover, including pet sitting, dog walking, in-home dog boarding, and doggy day care.
Rover believes everyone should have the opportunity to experience the unconditional love of a dog; Rover improves and simplifies life for dog people and the pets they love. As The Dog PeopleTM, Rover gives pet parents peace of mind whenever they're away from their dogs by offering the Rover Guarantee, 24/7 support, background checks, vet consultations, GPS walk tracking, and the nation's #1 pet sitting and dog walking app. And with Daily Treat -- one of the nation's top dog blogs -- Rover reaches millions of readers with tips and articles that delight, inform, and enhance the bond between people and their pets.
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