Rover, the world’s largest network of pet sitters and dog walkers, has announced that it secured $125 million in new capital.
The funds and accounts were advised by T. Rowe Price, as well as the closing of a $30 million credit facility with Silicon Valley Bank. These funds bring Rover’s available cash to more than $200 million. Other key investors include Winslow Capital and Cross Creek, while existing shareholders TCV, Greenspring Associates and Spark Capital also participated.
The new funds will be used to help Rover expand internationally, increase share of market for its on-demand walking service, boost its core offerings and launch new services.
Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, said in a press release, “Rover is demonstrating that it can be a leading pet care provider, with a durable, robust, business model. 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 large portion of the new financing will be used to expand Rover’s service into Europe, which represents 25 percent of the global pet care market. The company plans to launch in the U.K. in July before moving into more European markets later this year.
Rover CEO, Aaron Easterly, said, “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. We’re thrilled that such premier investors with a history of long-term investments are joining the Rover family.”
As a leader in the $85 billion pet care market, Rover’s network of sitters and walkers has grown more than 100 percent year over year, with over 200,000 sitters throughout North America. With more than 375 people in the U.S., the company plans to increase its team by one-third by the end of 2018.