Rover.com, a network of pet sitters and dog walkers closed a $30 million credit facility with Silicon Valley Bank in addition to a $125 million investment led by T. Rowe Price.
Other key investors include Winslow Capital and Cross Creek. Existing shareholders TCV, Greenspring Associates and Spark Capital also participated. Rover will use the funding to expand internationally, increase the market share for its on-demand walking service, enhance its core offerings and introduce new service adjacencies.
“Rover is demonstrating that it can be a leading pet care provider, with a durable, robust, business model,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund.
A substantial portion of this financing will be used to expand Rover’s service offerings into Europe — which represents 25% of the global pet care market — with plans to launch its services in the UK this July and additional European markets later this year.
The company’s network of sitters and walkers has grown more than 100% year-over-year, now boasting more than 200,000 sitters throughout North America. Rover currently employs more than 375 people in the U.S. with plans to increase its team by one-third by year’s end.
