LOS ANGELES, Jan. 30, 2018 -- Wag!, the country's largest on-demand
mobile dog walking and dog care service co-founded by brothers Joshua and
Jonathan Viner, today announced a $300 million commitment by the
SoftBank Vision Fund. The founders also recruited veteran technology
executive Hilary Schneider as Chief Executive Officer.
Wag!, the on-demand
dog walking and boarding app with service available 24 hours a day, was founded
in 2015, launching in Los Angeles and New York City, before
expanding to more than 100 cities nationwide.
The pet services
industry, which was estimated to be a $69 billion market in the US in
2017 and $180 billion globally, is experiencing unprecedented growth.
Wag! has serviced a consistently increasing number of walks that mirrors the
market as a whole.
"We're thrilled
to have a strategic partner in SoftBank, and welcome their experience scaling
leading technology companies through their global vision and operating
expertise," said Joshua Viner.
"We're also
delighted to have recruited Hilary to join as CEO. Her track record in
successfully building a number of consumer technology brands, combined with her
love of dogs, makes her a perfect partner for us," said Jonathan
Viner.
Most recently,
Schneider served as CEO of LifeLock, the leader in identity theft protection.
Schneider joined LifeLock before it went public and served through LifeLock's
sale to Symantec for $2.3 billion in March 2017. Prior to
LifeLock, she was Executive Vice President of Yahoo! Americas and EVP of Knight
Ridder. She received her undergraduate degree from Brown and her MBA
from Harvard. Schneider is a dog lover and parent of two Russian Black
Terriers, Sadie and Zoe.
"I'm pleased to
be joining the talented Wag! team," said Schneider. "Josh and Jon
have built a nationally loved brand that enables the joy of pet parenting with
an easy to use app. As the pet care industry experiences unprecedented growth,
and with the SoftBank Vision Fund as a new investment partner, we look forward
to enhancing our technology and service offerings to enable more people to keep
their dogs happy and healthy."
Jeffrey Housenbold,
SoftBank Investment Advisers Managing Partner, said, "The SoftBank Vision
Fund invests in entrepreneurs who are leveraging the latest technology to
transform existing industries and create new ones. Wag! is a clear leader in
the rapidly growing global market for pet care services, and we're delighted to
support their mission and team."
In connection with the
investment in Wag!, Jeffrey Housenbold will become Chairman of the
Board of Directors. Ted Fike, a senior investor at SoftBank Investment
Advisers, will also join the Board.
Prior to the SoftBank
Vision Fund's current investment, Wag! had raised approximately $68
million dollars in previous fundraising rounds. Investors include Battery
Ventures, General Catalyst, Sherpa Capital, Bullpen Capital, and Freestyle
Capital. Battery Ventures led a previous $40 million funding round
Wag! in April 2017 and as part of the financing, Battery General
Partner Roger Lee joined Wag!'s Board.
About Wag!
Founded in January
2015, Wag! is an on-demand mobile app that gives dog owners more flexibility to
manage everyday life. It gives instant access to experienced and trustworthy
dog walkers in owners' local communities that they can book at their
convenience. Walks last 30 or 60 minutes and walkers are available 24/7. Wag!
walks are insured and bonded and every walker has passed a thorough vetting
process before being invited to walk dogs on the platform. Wag! is a proud
sponsor of Rescue Bank and donates proceeds from every Wag! walk to supply
meals to shelter dogs nationwide. Wag! also partners directly with local
shelters in Los Angeles, San Francisco and New York City.