Tech

Rover plans a Public Market Debut in early mid-June

  • Rover projected a market debut in early-mid-June, sources close to the company told Insider.
  • Rover announced a merger with Nebula Caravel Acquisition Corp., a SPAC, in February.
  • The company has seen growing businesses as people who have adopted pets during pandemic book services.
  • See more stories on the Insider activity page.

Peter-startup Rover is scheduled to make its public market debut in the first half of June, two sources close to the company tell Insider.

Rover announced earlier that it was going to the public for a merger with Nebula Caravel Acquisition Corp., a SPAC, supported by True Wind Capital, and he said then it is expected to close in the first half of this year. However, deal negotiations are still ongoing, and time could change, said one of the sources. The deal will value the company at $ 1.35 billion. Last week, the company made one amendment to its submission to the SEC.

A representative for Rover declined to comment on his plans.

Founded in 2011, Rover is a platform that caters to pet owners with dog walkers and other services. Insider’s Melia Russell he said last month the company had seen an increase in its activity since people who had “pandemic puppies” during their quarantine are now booking services. The startup set aside $ 30.4 million in sales from services this March, up 67% from the same month last year. The week of March alone had “significantly more new bookings” than any week in 2020, the company told Insider.

The Seattle-based company, founded in 2011, has raised $ 281 million from top-tier investors such as T. Rowe Price, Menlo Ventures, Madrona Venture Group, Spark Capital, and others. It was last valued at $ 970 million in 2018.

Nebula Carvel Acquisition Corp. is sponsored by True Wind Capital, a San Francisco-based private company co-founded by Adam Clammer and Jamie Greene. Both had previously worked at KKR.


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