Total amount raised
$360.9 Millions
Latest funding date
8/1/2021
Location
Rover has successfully raised significant funding through multiple investment rounds, culminating in its acquisition by Blackstone Group for $2.3 billion. The platform offers a variety of pet care services, connecting pet owners with trusted sitters and dog walkers.
Keep reading to explore the intricacies of Rover's fundraising journey and the investors backing this innovative platform.
What Is Rover?
Rover, founded in 2011 by Aaron Easterly, Greg Gottesman, and Philip Kimmey, is headquartered in Seattle, Washington. The company connects pet owners with trusted pet sitters and dog walkers.
Rover offers a variety of services, including dog boarding, house sitting, dog walking, doggy daycare, and virtual dog training. The platform emphasizes trust and safety through features like RoverProtect.
With a workforce of 501-1000 employees, Rover continues to expand its reach, providing reliable pet care solutions to pet parents across the United States and beyond.
How Much Funding Has Rover Raised?
- Series B
- Amount Raised: $3.5M
- Date: July 2013
- Lead Investors: Petco
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's reach and improve service offerings.
- Series B
- Amount Raised: $7M
- Date: February 2013
- Lead Investors: Foundry Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series C
- Amount Raised: $12M
- Date: March 2014
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and market penetration.
- Series D
- Amount Raised: $25M
- Date: March 2015
- Lead Investors: TCV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enter new markets.
- Series D
- Amount Raised: Not publicly disclosed
- Date: November 2014
- Lead Investors: A-Grade Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series E
- Amount Raised: $40M
- Date: September 2016
- Lead Investors: Foundry Group, Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and expand user base.
- Series F
- Amount Raised: $65M
- Date: July 2017
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and improve service quality.
- Series G
- Amount Raised: $125M
- Date: May 2018
- Lead Investors: T. Rowe Price
- Valuation at Round: $970M
- Motivation Behind the Round: To compete with major players and capitalize on market opportunities.
- Debt Financing
- Amount Raised: $30M
- Date: May 2018
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and operational expansion.
- Post-IPO Equity
- Amount Raised: $50M
- Date: August 2021
- 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: $357.5M. Current Valuation: $970M.
Key Investors
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm headquartered in Baltimore, Maryland. It offers a broad range of mutual funds, subadvisory services, and separate account management for individual and institutional investors.
- Investment Focus Areas: Mutual funds, retirement plans, institutional investments.
- Notable Investments: Amazon, Google, Facebook.
- Silicon Valley Bank
- Details: Silicon Valley Bank provides various financial services to startups, growth companies, venture capital firms, and private equity. It is known for its deep expertise in the technology and life sciences sectors.
- Investment Focus Areas: Technology, life sciences, venture capital.
- Notable Investments: Pinterest, Shopify, DocuSign.
- Foundry Group
- Details: Foundry Group is a venture capital firm based in Boulder, Colorado. It focuses on investing in early-stage technology companies across the United States.
- Investment Focus Areas: Software, internet, IT infrastructure.
- Notable Investments: Fitbit, SendGrid, Zynga.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital to early-stage and growth-stage companies. It is based in Menlo Park, California.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Uber, Roku, Siri.
- Petco
- Details: Petco is a leading pet specialty retailer that provides products, services, and advice to pet owners. It operates more than 1,500 locations across the United States, Mexico, and Puerto Rico.
- Investment Focus Areas: Pet care, pet products, veterinary services.
- Notable Investments: PetCoach, PetInsuranceQuotes, PetHub.
What's Next for Rover?
Rover's future looks promising with significant opportunities in the expanding pet care market. The increasing number of pet owners and the demand for convenient pet care solutions present a vast market for Rover to tap into. The company's recent $155 million financing round, led by T. Rowe Price Associates, underscores the substantial market potential and investor confidence.
Future fundraising opportunities seem likely as Rover continues to grow and expand its services. The competitive landscape, with rivals like Wag, suggests that additional funding rounds may be necessary to maintain and enhance market position. However, challenges such as maintaining service quality and addressing regulatory scrutiny could pose hurdles. Ensuring the reliability and trustworthiness of service providers will be crucial for sustained success.
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