SoftBank, a Japanese multinational telecommunications corporation headquartered in Tokyo, Japan made a big investment in Wag! An on-demand dog walking app.
How big? $300 million big!
SoftBank recently just bought majority stake in Japanese messaging giant, Line’s mobile division.
Wag! Founded by Josh Viner and his brother will now have a new CEO, Hilary Schneider who replaces the two co-founders.
It was founded in 2015 offering on-demand walking and boarding for dogs. It was started in Los Angeles and New York City but since has expanded to 100 cities across the country.
Hilary Schneider was the former chief executive of LifeLock, an identity theft protection company.
TechCrunch quoted the SoftBank Investment Advisers Managing Partner Jeffrey Housenbold saying, “Wag! Is a clear leader in the rapidly growing global market for pet care services, and we’re delighted to support their mission and team.”
Bloomberg said “Wag says it wants to revolutionize an industry that has long relied on word-of-mouth referrals and lamp-post advertisements.”
Wag charges $20 for a 30 minute dog walk in major cities like New York and Chicago.
The app’s business plan? It takes 40% commission to connect dog owners with walkers who can walk their dogs on-demand.