- Rover is planning a market debut in early-to-mid June, sources close to the company tell Insider.
- Rover announced a merger with Nebula Caravel Acquisition Corp., a SPAC, in February.
- The company has seen business surge as people who adopted pets during the pandemic book services.
- See more stories on Insider’s business page.
Pet-care startup Rover is planning to make its public market debut in early-to-mid June, two sources close to the company tell Insider.
Rover previously announced it was going public through a merger with Nebula Caravel Acquisition Corp., a SPAC, backed by True Wind Capital, and said at that time it expected to close in the first half of this year. Even so, the deal talks are still ongoing, and the timing could change, one of the sources said. The deal would value the company at $1.35 billion. Last week, the company made an amendment to its filing with the SEC.
A representative for Rover declined to comment on its plans.
Founded in 2011, Rover is a platform that matches pet owners with dog walkers and other services. Insider’s Melia Russell reported last month the company had seen a surge in its business as people who got “pandemic puppies” during quarantine are now booking services. The startup booked $30.4 million in sales from services this March, up 67% from the same month last year. The last week of March alone had “significantly more new bookings” than any week in 2020, the company told Insider.
The Seattle-based company, founded in 2011, has raised $281 million from top-tier investors including T. Rowe Price, Menlo Ventures, Madrona Venture Group, Spark Capital, and others. It was last valued at $970 million in 2018.
Nebula Carvel Acquisition Corp. is sponsored by True Wind Capital, a San Francisco-based private equity firm cofounded by Adam Clammer and Jamie Greene. They both previously worked at KKR.
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