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Rover confirms $125M VC round, but it’s not a unicorn—yet

T. Rowe Price, TCV, Greenspring Associates and Spark Capital have participated in the round for the dog-walking startup.

Rover has confirmed it raised $125 million in a round led by T. Rowe Price. According to a PitchBook estimate, the funds value the dog-walking startup at $925 million.

PitchBook previously reported the startup was in the process of raising $125 million at a unicorn valuation. Now, the company has announced $155 million in new capital, which includes the $125 million equity funding, plus an additional $30 million credit facility, and says it has not entered the unicorn club, per GeekWire. TCV, Greenspring Associates and Spark Capital also participated in the equity portion.

The Seattle-based company has brought in nearly $300 million in venture capital funding overall, including investments from Madrona Venture Group, Foundry Group and Menlo Ventures. Rover was valued at $585 million in July 2017.

Founded in 2011, Rover provides a platform that connects pet parents with dog walkers, boarding services and day care providers. Earlier this month, the company announced the upcoming launch of its pet services in Europe, starting with the UK this July. It plans to use the new round to fund its international expansion.

Rover was founded by Greg Gottesman and Philip Kimmey. Gottesman was previously a managing director at Madrona, a Rover backer and one of the most active investors in the pet tech sector, before going on to launch startup studio Pioneer Square Labs. Aaron Easterly joined as a co-founder and CEO in 2011 after a brief stint as an entrepreneur-in-residence at Madrona.

May 24, 2018: This story was updated with details from Rover’s official funding announcement.

  • kate-clark-1.jpg
    Written by Kate Clark
    Kate Clark was a staff writer at PitchBook.

    A Seattle native, Kate attended the University of Washington where she studied journalism and international studies. She previously wrote about the Indian startup ecosystem in Bengaluru and freelanced in the Seattle area. Follow her on Twitter @KateClarkTweets.
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