Despite its problems with Wag, SoftBank has not given up investing in the pet sector.
SoftBank announced this week that it was investing $48 million in the online pet retailer Petlove. The funds will help accelerate Petlove’s growth amid higher demand for online pet products during the coronoavirus pandemic.
Brazil’s pet market did $4.6 billion in revenue last year, among the five largest in the world. Online sales represent only 3.8% of sales of pet supplies in Brazil, compared to 18% in the US.
Chewy to go Public
PetSmart, the owner of Chewy.com, has started the process to take the online pet retailer public. Chewy lost $267 million on revenue of $3.53 billion in 2018. Despite this loss, Petsmart should come out ahead as it purchased Chewy for an estimated $3.4 billion in 2017...
Wag’s Dog Walking Service Down 70% from Coronavirus
Wag, the popular dog walking platform, has seen demand for its core dog walking service down 70% due to the coronavirus. In an interview with Built In, Wag's COO Dylan Allread, indicated that the nationwide shelter-in-place orders have drastically reduced the need for...
Wag’s Dog Walking Service Down 70% from Coronavirus
Wag, the popular dog walking platform, has seen demand for its core dog walking service down 70% due to the coronavirus. In an interview with Built In, Wag's COO Dylan Allread, indicated that the nationwide shelter-in-place orders have drastically reduced the need for...