Funding

• Goose Insurance raised USD 4 million in a Series A funding round led by Axis Insurance Managers, to accelerate the adoption of its app in Canada and the US through education and awareness initiatives. 

Earnings/results

• Wag! reported revenue growth of 110% YoY to USD 17 million in Q4 2022. The growth can be attributed to organic growth and strategic acquisitions aimed at diversifying the platform. The net income for Q4 2022 was USD 5.8 million, a significant improvement compared to a net loss of USD 2.7 million during the same period in 2021. The adjusted EBITDA loss in Q4 2022 was USD 0.4 million, a decrease from the loss of USD 2.5 million in Q4 2021. For FY2022, the company reported YoY revenue growth of 173% to USD 54.9 million. However, the net loss had widened by more than 5x to USD 38.6 million, mainly due to inclusive one-time transaction costs of USD 39.5 million. Despite this, the company still managed to achieve an adjusted EBITDA of USD 3.9 million. For FY2023, the company expects revenue to be within the range of USD 75 million to USD 77 million, and the adjusted EBITDA is expected to range from break-even to a loss of USD 2 million. (February 21, 2023; Company press release, Earnings Presentation) 

• Rover reported revenue growth of 37% YoY to USD 52 million in Q4 2022, driven by a 20% YoY increase in bookings. In Q4 2022, the company's GAAP net income was USD 5.3 million, compared to USD 33.9 million in Q4 2021. Adjusted EBITDA and Adjusted EBITDA margin were USD 11.2 million and 22%, respectively, compared to USD 7.6 million and 20% in Q4 2021. In FY2022, 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. For FY2023, Rover expects revenue to range from USD 205 million to USD 215 million, with adjusted EBITDA in the range of USD 25 million to USD 30 million. Additionally, the company announced a share repurchase program of up to USD 50 million of its Class A common stock. (February 27, 2023; Company press release)