Rover.com Secures Significant Investment
Rover.com secured an investment of $125 million led by funds and accounts advised by T. Rowe Price Associates, Inc. The company also closed a $30 million credit facility with Silicon Valley Bank, bringing Rover’s available cash to more than $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.
“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, said company officials.
“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 more than 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, officials said.
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.