Rover.com Retrieves $40 Million Round of Funding

Nation’s Largest Marketplace for Dog Walking and In-Home Dog Boarding
is on Track to Triple Revenue Again This Year

SEATTLE–(BUSINESS WIRE)–#Rover—Rover.com,
the nation’s largest network of pet sitters and dog walkers, today
announced a $40 million Series E round, led by Foundry Group and Menlo
Ventures. Madrona Venture Group also participated in the financing. All
three venture capital firms are existing investors that wanted to
increase their share in Rover.

“Every once in a while, you have the opportunity to back a
category-defining company,” said Venky Ganesan, managing director at
Menlo Ventures. “At Menlo we have been fortunate to back companies like
Uber, Siri, Hotmail and Gilead Sciences. Rover is on that trajectory and
that’s why we decided to double down and go all in on this investment.”

Rover is on track to nearly triple its revenue again this year, after
nearly tripling last year. Its network of sitters has grown more than 50
percent year over year, now topping over 65,000 sitters and dog walkers
throughout the country. Currently, an average of one million services
are booked a quarter—a service every eight seconds.

“We are incredibly grateful for the continued support of our investors
and their desire to increase their investment in our company,” said
Aaron Easterly, CEO of Rover. “Over the last three years, we have grown
nine times faster than the next largest competitor and are the market
share leader in every major metropolitan area. This is a testament to
the talented, passionate and hard-working team at Rover.”

The significant new backing will empower Rover to continue redefining
the pet care space through product developments, geographical expansion
and continued market growth. The company could also use this capital to
fund merger and acquisition activity. Prior to the Series E, Rover had
raised $51.5 million.

“In addition to being the largest pet sitting company in the U.S., the
rapid adoption of our daytime services has also made us the largest dog
walking company,” said Easterly. “However, we are just scratching the
surface of what is possible. There is so much more we can do to provide
access to convenient, safe, and affordable pet care options.”

Rover recently introduced new technology into its mobile apps, enabling
its sitters to provide unmatched transparency and peace of mind to their
clients. This new feature, called Rover Cards, allows pet sitters and
dog walkers to easily track and share information with owners, including
when they arrived at the home, a GPS map of the dog’s walk, a personal
message from the sitter, photos of the dog while in their care, and
notes of any bathroom breaks along the way.

“We are thrilled with the progress that the Rover team has made, both as
investors in the business and as users of the platform,” said Seth
Levine, co-founder and managing director at Foundry Group. “We’re
excited to take this next step with the Rover team.”

About Rover

Rover.com connects pet parents with the nation’s largest marketplace of
loving and trustworthy pet sitters and dog walkers. Through Rover, pet
parents can discover, book, and manage personalized care for their dogs,
including in-home dog boarding, pet sitting, dog walking, and doggy day
care. 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. By removing
common pet care obstacles, Rover ensures dogs nationwide are happy and
well-cared for even when their owner is away and empowers dog lovers to
live fulfilling lives. Services are booked through Rover every minute of
every day, and more than 92% of the population lives within a short
drive of one of the more than 65,000 sitters who’ve listed their
services. Over 95% of reviewed bookings have received a perfect 5-star
rating. The platform offers premium insurance for all services booked
through Rover, secure online payments, world-class customer support, vet
consultations, a 24/7 team of trust and safety experts, Rover Cards with
walk mapping and activity tracking, mobile apps, photo and video
sharing, and general background checks for sitters.

About Menlo Ventures

Menlo Ventures provides capital for seed to growth consumer and
enterprise technology companies. Since 1976, the firm’s market-driven
analysis has led to the identification of opportunities and successful
investments in innovative technology markets. Notable areas of
investment have included mobile/mobile marketplaces (Siri, Uber, Machine
Zone, Roku, Rover.com,
Getaround, Munchery), social & ecommerce (Tumblr, Lumosity, Poshmark),
Cloud (Carbonite, EdgeCast, Dropcam, Vidyo), Storage & Big Data (3Par,
Coraid, Tintri, Avere Systems), digital advertising (Flurry, YuMe,
DataXu, Dstillery, eXelate), and security (Cavium, IronPort, nCircle,
BitSight, vArmour). Menlo’s portfolio includes more than 70 public
companies and more than 100 mergers and acquisitions. Menlo Ventures has
$4.65 billion under management and is currently investing Menlo Ventures
XII, a $400 million fund with $15 million allocated to the Menlo Talent
Fund for fast seed funding, and the Menlo Opportunity Fund, a $250
million fund that targets solely early growth investments. For more
information, visit www.menlovc.com.

About Foundry Group

Foundry Group is a venture capital firm that invests in information
technology, Internet, and software startups. It works alongside
entrepreneurs to give birth to new technologies and to build those
technologies into industry-leading companies. It is located in Boulder,
CO but invests in companies across North America.

Contacts

Rover.com
Brandie Gonzales, 888-453-7889
pr@rover.com