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Rover.com Chows Down $12 Million in New Funding Round
|By Business Wire
|March 12, 2014 07:01 AM EDT
the leading online community that connects dog owners with approved and
reviewed in-home dog sitters, today announced $12 million in Series C
funding. New investor Menlo Ventures led the round, which included
existing investors Madrona Venture Group, Foundry Group and PetcoTM.
“Rover is a great example of the sharing economy at its best,” said
Sunil Raman of Menlo Ventures, whose marquee marketplace investments
include Uber and Poshmark. “It turns out that there are a lot of pet
owners in this country, and Rover allows families to quickly coordinate
overnight pet care. After getting to know Aaron and his team, we were
certain this was a passionate group chasing a huge market opportunity.”
Rover is the largest online pet services community with over 25,000
sitters in the United States and service available in every major city.
Currently, more than 92 percent of the population lives within a short
drive of a Rover sitter and demand for them is accelerating. New Rover
sitters make an average of 50 times more in the their first 90 days than
those who joined 18 months ago. Additionally, last year Rover signed an
exclusive partnership with pet specialty retailer Petco. The Rover
online community now totals about one million members nationwide.
“Our revenue grew 800 percent last year and are creating
six-figure-earners on the Rover platform,” said Aaron Easterly, CEO of
Rover. “We care deeply about our customers. After all, we’re in the
business to help dogs and the people who love dogs. How can you not love
that? It’s our passion for dogs and the dog community that keeps us
excited to come to work every day.”
Rover has secured nearly $25 million in funding to date. The company
will use this investment to grow its employee headcount and expand the
industry’s most comprehensive product offering. In addition to
connecting pet owners with sitters for overnight care, dog walking and
in-home daycare services, the Rover platform offers free pet and sitter
insurance, 24/7 vet consultation, mobile apps, photo sharing, videos of
stay highlights, sitter background checks and customized tags.
Menlo Ventures’ Sunil Raman and Venky Ganesan, whose investments include
oDesk and Rev, will join the Rover Board of Directors as part of this
Rover.com is the leading online community that connects dog owners with
trusted dog sitters. Rover believes that all dogs deserve safe, loving
homes even when their owners are away. Its services provide an
alternative to traditional caged boarding facilities or imposing on
family and friends who are often asked to sit in a pinch. Rover offers
the largest network of reviewed and approved sitters in the United
States who will provide overnight care in either the owner’s or sitter’s
home, dog walking and in-home daycare services. More than 92 percent of
the population lives within a short drive of one of Rover’s 25,000
sitters, and 95 percent of reviewed stays have received a perfect
five-star rating. Additionally, Rover is committed to supporting animal
shelters and companion animal programs across the nation. Rover makes it
easy for sitters to donate a portion of their proceeds to local shelters
through its Sit a Dog, Save a Life program, saving the lives of dogs
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology
companies in the consumer and enterprise sectors. For decades, the
firm’s market-driven research analysis has led to the identification of
and successful exits in innovative technology markets. Notable research
areas of investment include mobile (Siri, Uber, TeleNav), enterprise
Storage (3PAR, Spinnaker Networks, Coraid), communications (Acme Packet,
Cavium Networks), and consumer (Fab, Tumblr, Carbonite, Roku). Founded
in 1976, Menlo’s portfolio includes 70 public companies and more than
100 mergers and acquisitions. Throughout the firm's history, Menlo’s
deep network of portfolio entrepreneurs, angels, and advisors have been
a key resource made available to all of our family of investments. Menlo
Ventures has $4 billion under management and is currently investing
Menlo Ventures XI, a $400 million fund with $20 million allocated to our
Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.
About Madrona Venture Group
has been investing in early-stage technology companies in the Pacific
Northwest since 1995 and has been privileged to play a role in some of
the region's most successful technology ventures. The firm invests
predominantly in seed and Series A rounds across the information
technology spectrum, including consumer Internet, commercial software
and services, digital media and advertising, networking and cloud
computing, and mobile. Madrona manages approximately $1 billion and was
an early investor in companies such as Amazon.com, Apptio, Isilon
Systems, and Redfin.
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