History and Funding
– Wag! was founded in 2015 in Los Angeles, California.
– In early 2018, Wag! raised $300 million in venture capital funds from Softbank.
– Celebrity users include Mariah Carey, Kendall Jenner, and Chloë Grace Moretz.
– Actress Olivia Munn serves as an investor and creative strategist.
– In December 2019, SoftBank sold its entire $300 million stake in Wag Labs back to the company at an investment loss.
– Wag! announced its bid to go public through a SPAC deal with CHW Acquisition Corp in February 2022.
Criticisms and Incidents
– In June 2017, a Wag! contractor was videotaped allegedly making himself at home in a user’s apartment.
– In November 2017, a Wag! contractor was videotaped allegedly stealing packages from a New York City apartment building.
– The New York Daily News reported on a dog lost by Wag! in September 2017 and later finding the pet weeks later.
– In February 2020, a Yorkie named Bella was found dead after a Wag! service.
– Wag! responded with a statement emphasizing their focus on safety and rare incidents, citing a high service rating and booking frequency.
– The Wall Street Journal reported SoftBank’s investment loss in Wag Labs.
Response to COVID-19
– In March 2020, Wag! created a new service type called Wag! Now for miscellaneous pet care needs in San Francisco.
– The service was later released nationwide and Wag! partnered with GreaterGood.Org for the #stayhomeandfoster initiative.
– Olivia Munn connected Henry Golding with Wag! and GreaterGood.org, resulting in a successful pet adoption.
– Wag! shifted all employees to remote work in February 2020 and provided guidelines for social distancing during walks.
– Nearly 70% of Wag! services are completed with a lockbox or hidden key, ensuring minimal contact.
References
– Wag! raised $300 million in venture capital funds from Softbank in early 2018.
– SoftBank sold its entire $300 million stake in Wag Labs back to the company in December 2019.
– The Wall Street Journal reported SoftBank’s investment loss in Wag Labs.
– Wag! has celebrity endorsements and notable investors, including Olivia Munn.
External Links
– Official website: [link]
– Categories: 2015 establishments in California, Dog-related professions and professionals, Companies based in Los Angeles, Softbank portfolio companies.