The SoftBank Imaginative and prescient Fund has struck once more. This time, it’s investing $300 million in on-demand strolling and canine care startup Wag. Wag has additionally introduced on Hilary Schneider, previously of id theft safety firm LifeLock, to function the corporate’s new chief govt officer.
Final 12 months, Wag was reportedly in talks with a handful of buyers, together with NEA and Kleiner Perkins, The Data reported final week. SoftBank was , however reportedly didn’t need to spend money on a spherical lower than $300 million. That’s when NEA and Kleiner Perkins reportedly dropped out.
Wag, which launched again in 2015, presents on-demand strolling and boarding for pups. The startup initially launched in Los Angeles and New York Metropolis earlier than increasing to greater than 100 cities throughout the nation.
“We’re thrilled to have a strategic accomplice in SoftBank, and welcome their expertise scaling main know-how corporations via their international imaginative and prescient and working experience,” Wag co-founder Joshua Viner mentioned in a press launch.
Wag, nonetheless, has obtained some heavy criticism for, , dropping canine and combating with clients, Bloomberg reported in October. Given the Imaginative and prescient Fund’s large funding, it appears as if SoftBank isn’t fazed.
“The SoftBank Imaginative and prescient Fund invests in entrepreneurs who’re leveraging the most recent know-how to remodel present industries and create new ones,” SoftBank Funding Advisers Managing Accomplice Jeffrey Housenbold mentioned in a press launch. “Wag! is a transparent chief within the quickly rising international marketplace for pet care providers, and we’re delighted to assist their mission and group.”
Final 12 months, SoftBank raised $100 billion for its Imaginative and prescient Fund and proceeded to spend money on 44 funding rounds with a complete of $30.7 billion, based on CrunchBase. A few of that cash has gone to WeWork, ride-hailing corporations Didi Chuxing, Seize and Uber, and most just lately, building startup Katerra.
Wag had beforehand raised $68 million from Battery Ventures, Normal Catalyst, Sherpa Capital, Freestyle Capital and others.
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