SoftBank Invests $300 Million Into Dog-Walking Startup
- Wag originally sought $100 million from venture investors
- Funding will be used to build a global pet-care brand
Source: ShotShare/iStockphoto
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SoftBank Group Corp.’s Vision Fund has agreed to invest $300 million in Wag Labs Inc., a startup that uses a smartphone app to connect dog walkers with dog owners.
Hilary Schneider, former chief executive of identity theft protection company LifeLock Inc., will replace Joshua Viner as Wag’s CEO, the Los Angeles-based company said in a statement Tuesday. Viner will remain involved in the company, a spokeswoman said. The two-year old company had originally sought $100 million from venture capitalists, Bloomberg first reported in October.