An innovative on demand dog walking startup Wag, recently received a hefty funding from SoftBank’s Vision Fund. Reportedly SoftBank has invested $300 million in the dog care startup company. Since last year Wag has been keen on getting investors. According to certain reports, few other companies like including NEA and Kleiner Perkins were interested in investing in Wag. However following the hefty offer by SoftBank, the others stepped down.
Wag has been successfully working in Los Angeles and New York since 2015. It offers services catering to -demand walking and boarding for pups. However the startup has also faced issues with losing dogs and fighting with customers.
However SoftBank looks optimistic with its investment. SoftBank Investment Advisers Managing Partner Jeffrey Housenbold said in a press release, “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.”
Also Wag’s co-founder Joshua Viner expressed his pleasure following the deal, “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.”
Wag, additionally appointed Hilary Schneider, from LifeLock, as the company’s new chief executive officer.
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