Monday, December 9, 2019

Wag Buys Back Stake From SoftBank

Los Angeles-based on-demand, dog walking service Wag has bought back its stake from Softbank, according to CNBC. The sale comes less than two years after SoftBank invested $300M in Wag, via the SoftBank Vision Fund. According to a memo leaked from Wag's new CEO, Garrett Smallwood, the company is also laying of a number of employees as it looks to have a capital base that is "right-sized to the needs of our business and strategy". Smallwood was named CEO of Wag at the end of November. (Update: According to a spokesperson for Wag, who reached out to this publication, the company "is not seeking a buyer". An earlier version of this article indicated the company was seeking a buyer.)