First Round is a seed-stage venture firm focused on building a vibrant community of technology entrepreneurs and companies, including Uber, Square, and Warby Parker. Through custom-built software, incredible in-person experiences, and a host of other unique services, First Round helps tiny companies get big while constantly reimagining the role of venture capital. It offers a growing number of services and products to help founders build companies from scratch. First Round has adopted the Diversity Term Sheet Rider.

First Round Capital

Madrona Venture Group is a Seattle-based venture capital firm. The firm prefers to invest in businesses that are involved in information technology, e-commerce, digital media, advertising, software, gaming, data, analytics, mobile, and infrastructure.

Madrona

Tuesday Capital (formerly known as CrunchFund) is a seed stage focused venture firm that invests in information technology enabled companies. In 2019 CrunchFund was rebranded as Tuesday Capital.

Tuesday Capital

Foundry is a venture capital firm focused on providing early-stage technology investments. The firm was established in 2007 and is headquartered in Boulder, Colorado, United States.

Foundry Group

Petco is a pet specialty retailer providing products, services, and advice for pet owners. It helps pet parents navigate pet parenthood by offering more than just pet supplies and services. Petco provides caring counsel that’s grounded in their WholePets philosophy.

Petco

Rolling Bay Ventures is a venture capital investing in seed, early and mid-stage and expansion companies.

Rolling Bay Ventures

Menlo Ventures provides capital for multi-stage consumer, enterprise, and life sciences technology companies. Since 1976, the firm’s market-driven analysis has led to the identification of opportunities and successful investments in innovative markets. Notable areas of investment include Marketplaces (Uber, Rover.com, Poshmark); Consumer Services (Tumblr, Betterment, Roku, Siri); Dev/Ops (Harness, Edge Delta, Fire hydrant); SaaS (Carta, ScoutRFP, Qualia, Benchling, Everlaw); Fintech (Betterment, Bluevine, Chime); Cybersecurity (Cavium, IronPort, BitSight, Abnormal, StackRox); and Life Sciences Technology (Synthego, Cofactor Genomics, Recursion Pharmaceuticals, 3T Biosciences). Menlo’s portfolio includes more than 70 public companies, and more than 100 mergers and acquisitions, with $5 billion under management. The firm is currently investing in Menlo Ventures XV, a $500 million early-stage fund, as well as its $500 million Inflection Fund, which targets early-growth investments.

Menlo Ventures

TCV provides capital to growth-stage private and public companies in the technology industry. It also provides management teams with data-driven insights, sector expertise, access to world-class talent, and connections with category leaders.  Founded in 1995, the Silicon Valley-headquartered firm has invested more than $14 billion in over 350 growth-stage technology companies to date. Some of its most prominent portfolio company exits include Airbnb, Facebook, Netflix, Peloton, and Zillow.

Spark Capital is an early stage venture capital firm. We invest in phenomenal products we love and the creative humans behind them. We do things a little differently and aren't afraid of risk. Spark-backed companies include Twitter, Discord, Anthropic, Cruise, Niantic, Oculus, Warby Parker, and tumblr. We know there are no playbooks or formulas for success and are here to help founders win their own way. We invest across all sectors and stages, and work out of San Francisco, Boston, and New York City.

Spark Capital

StepStone provides investment services to institutional investors focused on achieving excess net (after fees) risk-adjusted private equity returns. StepStone builds private equity portfolios by accessing the market through a combination of fund investments, co-investments, and secondary purchases.

StepStone Group

OMERS Ventures is a global early stage venture capital firm with offices in Toronto, Palo Alto and London. Established in 2011 in Canada as part of the OMERS pension plan, today OMERS Ventures remains one of the only early stage direct investing platforms of any pension plan in the world. Portfolio companies include everything from high-profile consumer brands like travel app Hopper to WeFox, one of the largest insurtech companies in Europe.

OMERS Ventures

Bespoke Strategies is a boutique branding and advertising firm inspired by brands and people. They provide strategic platform creation for new campaigns, evaluation of how creative ideas are executed, and recommendations on how to expand into other areas or reach other consumers.

Bespoke Strategies

T. Rowe Price is an investment management firm dedicated to funding technology startups. The firm serves individuals, financial intermediaries, and institutions and offers a full range of investment strategies across a broad spectrum: debt, equities, and private equities.

T. Rowe Price

Cross Creek is a venture capital firm founded in 2006 inside of Wasatch Advisors, Inc. Through its direct investment strategy and fund investment strategy the firm seeks to invest in what we believe are high quality late stage companies and top-tier venture capital funds. The strategies are mutually beneficial in their goal to strengthen ties between private and public investors and to achieve above market returns for limited partners.

Cross Creek

Greenspring Associates is a global investment firm that provides commingled funds and customized partnership capabilities to a diverse group of institutions and individuals in North America, Europe, Asia, the Middle East, and Australia. Through a synergistic platform, the firm invests in established and emerging venture capital fund managers, in early and growth stage venture-backed companies and in secondary venture capital fund and secondary direct investments. Currently managing over $7.3 billion of committed capital, its dedicated investment team combines broad venture fund and direct investment expertise.

Greenspring Associates

K2 Global is a venture capital firm based in Singapore and Miami that invests in high growth technology companies.

K2 Global

Winslow Capital is a growth equity investment firm grounded in fundamental investing. It seeks growth opportunities in public and private markets globally. Its adherence to a disciplined investment approach is the hallmark of the company's success. Winslow employs a rigorous, proven methodology rooted in robust primary research borne of deep industry relationships. Its tenured team of active equity managers is attuned to market dynamics. Winslow was founded in 1992 and is headquartered in Minneapolis, Minnesota.

Winslow Capital

A-Grade Investments is a venture capital fund founded by long-time friends Ashton Kutcher, Guy Oseary, and Ron Burkle to opportunistically invest in technology start-up companies.

A-Grade Investments

Rover

DogHero offers solutions for dog owners to find a walk and pet-hosting services. It has a peer-to-peer pet boarding platform that connects pet owners with sitters that host dogs and keep the routine of caring and care at home.

Rover.com connects pet parents with the nation’s largest network of loving and trustworthy pet sitters and dog walkers. Through Rover, pet parents can discover, book, and manage personalized care for their dogs, including pet sitting, dog walking, in-home dog boarding, and doggy daycare. Founded on the belief that everyone should have the opportunity to experience the unconditional love of a dog, Rover improves and simplifies life for pet parents and the dogs they love.

<div><p>Rover, is a pet-care service provider which operates through online and mobile platforms connecting pet-owners with pet-care service providers that offer pet boarding and sitting services, dog daycare, dog-walking, and drop-in visits. As of February 2021, the company served more than two million pet-owners and 500,000 service providers across North America and Europe.</p></div>

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

<div>
  <p>
    Rover, is a pet-care service provider which operates through online and mobile platforms connecting pet-owners with pet-care service providers that offer pet boarding and sitting services, dog daycare, dog-walking, and drop-in visits. As of February 2021, the company served more than two million pet-owners and 500,000 service providers across North America and Europe. 
  </p>
  <p>
    In October 2018, Rover acquired DogBuddy, a UK-based dog walking, boarding, and daycare company, to expand its presence in the UK, France, Italy, Germany, and several other EU countries. 
  </p>
  <p>
    <b>Key customers and partnerships </b>
  </p>
  <p>
    In November 2020, the company partnered with Walmart, where Walmart.com promotes Rover under Walmart Petcare. In a similar effort, Rover entered into a 
    <a href="https://sp-edge.com/updates/9087">
      partnership with pet retailer Petco in February 2022,
    </a>
     where Petco promotes Rover under petco.com and Petco's Vital Care membership program.
  </p>
  <p>
    <b>Funding and financials</b>
  </p>
  <p>
    In May 2018, Rover raised USD 155 million led by T. Rowe Price (a global asset management firm), marking its largest funding round. The funds were utilized  for accelerating expansion into Europe, entering Latin American region and expanding into cat-care services (in April 2019). 
  </p>
  <p>
    In August 2021, Rover went public via the SPAC route with&nbsp; Nebula Caravel Acquisition Corp. valued at USD 1.35 billion.&nbsp;&nbsp;
  </p>
  <p>
    For the 
    <a href="https://sp-edge.com/updates/16747?industryIds=7">
      full-year 2022 (FY2022),
    </a>
     the company achieved revenue growth of 58% YoY to reach USD 174 million, which was mainly supported by a 32% YoY growth in bookings. Furthermore, the company reported a GAAP net loss of USD 22.0 million, which had narrowed down by 66% YoY. The company's Adjusted EBITDA was USD 20.8 million. On the back of robust Q1 2023 performance, Rover 
    <a href="https://sp-edge.com/updates/18991">
      revised its FY2023 guidance,
    </a>
     with revenue to range from USD 207 million to USD 217 million, an increase from the previous range of USD 205 million to USD 215 million, and adjusted EBITDA in the range of USD 29 million to USD 34 million, compared to the previous range of&nbsp;USD 25 million to USD 30 million.
  </p>
</div>


<div>
  <p>
    Digitail offers a cloud-based software platform for veterinarians that provides an online booking system, electronic record keeping, stock management, invoicing, billing, etc. The platform, which can be accessed from any device (mobile phones, laptops, desktops), is available in different packages on a Software-as-a-Service (SaaS) basis; USD 95 per month for mobile vets, USD 79 per month for small clinics, and USD 159 per month for large clinics. As of March 2021, the platform served 2,000 veterinarians across 16 countries.
  </p>
  <p>
    <b>Funding and financials</b>
  </p>
  <p>
    In January 2023, the company raised 
    <a href="https://sp-edge.com/updates/16032?industryIds=7">
      USD 11 million in Series A funding
    </a>
     led by Atomico to expand its operations in the US and Canada. The round follows its USD 2.5 
    million seed funding in March 2021, led by the VC firm byFounders and Gradient Ventures (Google&rsquo;s AI fund).
  </p>
</div>


Digitail

<div>
  <p>
    Gudog is a Spanish on-demand platform that connects dog owners with dog sitters for at-home dog sitting, dog walking, and dog daycare services. The company operates in France, UK, Germany, Ireland and Spain. In February 2019, the company merged with HouseMyDog, a similar company headquartered in the UK, to mutually expand its reach to more than 25,000 dog sitters on its platforms. As of February 2019, Gudog was considered to be the market leader in Spain. In February 2021, the company announced the acquisition of Host My Pet, a Finnish online pet sitting services company, for an undisclosed amount. The acquisition is aimed at expanding operations into Nordic countries, starting with Finland. With the acquisition, the combined entity’s 17 full-time employees will serve approximately 650,000 pet owners across Europe.
  </p>
</div>


GuDog

<div>
  <p>
    Urban Leash is an on-demand pet care service provider that offers dog walking and cat sitting services. The app is GPS-embedded, which allows pet owners to track the whereabouts of pets. Its dog walking services and cat services are are offered in Boston within the Fenway and Jamaica Plain neighborhoods, whereas cat sitting services are also provided in several other areas in Brookline. Urban Leash also provides care services for small animals, such as feeding fish, small birds, and small mammals. Administering medication is offered without any fees. 
  </p>
</div>


Urban Leash

<div>
  <p>
    TeleTails is a veterinary telehealth platform that allows pet owners to obtain advice from veterinarians and behaviorists when needed. The company’s software provides care teams with the ability to offer live video consultations, flexible messaging, and cross-team communication. In May 2020, the company launched TeleTails Instant in response to the Covid-19 pandemic to make veterinary services available at no cost during the crisis.
  </p>
</div>


TeleTails

<div>
  <p>
    Based in the UK, PawSquad provides on-demand veterinary telehealth services through video consultations and online chats. Pet owners can instantly access veterinary practitioners without pre-scheduling. The company also offers home visits on request. Advice from general practitioners is priced at around USD 26 per visit, while specialist consultations are priced at around USD 62 per visit. PawSquad provides specialist services in dermatology and plans to introduce other areas, such as endocrinology, behavior, gastroenterology, and oncology in the future. As of February 2021, the company operated more than 1,500 clinics across 12 countries in Europe and had an employee base of more than 22,000, including 6,0000 veterinary professionals.
  </p>
  <p>
    In March 2021, was acquired by UK-based veterinary service provider IVC Evidensia, that operates across Europe, for an undisclosed amount. IVC Evidensia operated more than 1,500 clinics across 12 countries in Europe as of February 2021. The company also has an employee base of more than 22,000, including 6,0000 veterinary professionals.The acquisition will allow PawSquad to expand geographically while also providing pet owners accessibility to IVC Evidendsia’s veterinary professionals through PawSquad’s telehealth platform. 
  </p>
  <p>
  </p>
</div>


PawSquad

Offers digital platforms, such as veterinary telehealth services, to support the wellness of pets

Uses IoT technology to remotely monitor and interact with pets

AI and ML technologies enable pet owners to monitor and improve pet care

Companies that provide mobile-based platforms to match pet owners with providers of pet services such as pet boarding, pet sitting, and dog walking.

Rover

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Animal Welfare

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Monthly News Summary (May 2023)

Monthly News Summary (February 2023)

Rover posts break-even Q3 2022 earnings; upgrades FY2022 guidance

Rover beats Q2 2022 revenue and EPS estimates; downgrades FY2022 outlook

Rover beats Q1 2022 consensus revenue and EPS estimates; reaffirms FY2022 guidance

Rover posts robust Q4 performance; beating consensus estimates

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