Trending:宠物市场漫游者抓住了一根骨头,在最新的SPAC交易中价值13亿美元

Another day, another SPAC. Today, we’ve learned that Seattle online pet sitting marketplace Roverplans to join the public ranks通过与True Wind Capital的SPAC的合并,该公司的企业估值为13.5亿美元。

The deal:作为与Nebula Caravel Acquisition Corp合并的一部分,路虎将在其现金余额中增加约3.25亿美元,Nebula Caravel Acquisition Corp是一家由True Wind赞助的上市SPAC。其中包括来自SPAC的2.75亿美元和机构投资者通过私募股权投资(也称为普通股管道)获得的5000万美元,后者被用作SPAC的一轮额外融资。

Why a SPAC?路虎首席执行官Aaron Easterly曾任aQuantive广告高管的罗孚表示,上市将“加速核心服务产品的扩张,支持其他宠物类型,并继续扩大我们的地理足迹。”早就有传闻称,罗孚是潜在的IPO候选人。

路虎首席执行官Aaron Easterly. (Rover Photo)

SPAC attack:路虎的SPAC(特殊目的收购公司)是这一热门投资领域一系列交易中的最新一笔,西雅图地区的公司如Porch鹦鹉螺生物技术which also have completed SPACs in the past two months.

SPAC mergers have become popular alternatives to the traditional process for initial public offerings, offering a faster path to going public. Also known as “blank check” companies, SPACs typically do not have an established business and are used to raise funds via public offering for a future merger or acquisition by a specific deadline.

罗孚的背景故事:吉奎尔was the第一家报道这是由西雅图风险投资家的一个想法引发的Greg Gottesmanat a Startup Weekend event in Seattle in 2011. Rover was then incubated inside Madrona Venture Group in its early days. Gottesman, a former Madrona managing director and co-founder of Pioneer Square Labs, remains on the board of Rover.

财务状况:SPAC交易将引擎盖抬起公司资产负债表。它去年报告了4800万美元的收入,下降49%,但2021年的收入为9700万美元,20222美元的收入9700万美元。Rover预计将于2022年获得有利可图,调整后的EBITDA达3500万美元。

Opportunity:罗孚估计美国宠物市场价值950亿美元,商业宠物服务市场价值90亿美元。但它认为,到2030年,其“总规模机遇”将增至1130亿美元。

(通过罗孚投资者演示)

流行病挑战:与许多科技公司不同的是,由于缺乏旅行和人们在家工作,罗孚的业务因流感大流行而大幅下滑。它削减了41%的劳动力去年3月,高管们也开始减薪。

是的,但是:随着Covid案件的下降和旅行篮板,Rover认为它与“大流行小狗”寻求寄宿期权的新宠物业主。ROVER的投资者介绍包括标题为“融合尾风”的幻灯片,表示美国宠物采用在2020年增加了1100万或35%。“Evenin时代economicchangebelt各位,加油别这样skimptheir pets,” Easterly said on an investor call Thursday.

十月的路虎用沃尔玛划出贸易和said its business was recovering. It has more than 500,000 pet care providers on the platform.

Competition:罗孚的主要竞争对手是软银支持的Wag,该公司拥有据报道,他挣扎着并在2019年探索出售给罗孚。软银也当年又将股权出售给了Wagafter it invested $300 million from its Vision Fund. Rover merged with another competitor, DogVacay, in 2017.

前期投资:迄今为止,罗孚已经筹集了2.81亿美元的股权融资,其中包括$155 million funding roundin 2018 that valued the company at a报道9.7亿美元。投资者包括A级投资、CrunchFund、Foundry Group、Madrona Venture Group、Menlo Ventures、Petco、Rolling Bay Ventures、TCV和Spark Capital。

展望未来:The combined company will keep the Rover name and will be listed on the Nasdaq under the ticker ROVR. Easterly will continue to lead Rover. Adam Clammer, founding partner of True Wind Capital, will serve as director.

Who is True Wind?这家总部位于旧金山的私人股本公司管理着逾20亿美元的资产,在GoDaddy和NXP等公司拥有上市公司经验。它去年参加了第一次SPAC,于2020年6月将自动贷款平台Open lending公之于众。

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