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Havish Gupta
Figuring Out • 1y
Raised $100 Million, Yet Failed! Taking your pet out for a stroll can be a big task. The founders knew there were many people, like Sinchan, who didn’t have the time to take their dogs for a walk. So, in 2015, Brendan, Joshua, Jonathan, and Jason created an app to connect dog owners with dog walkers whenever they needed one. Wag! quickly gained attention and raised $2.5 million in seed funding. Within just 2 weeks, it hit 100k users, and in 7 months, it reached 1 million users. But things didn’t go as planned. Despite its popularity, Wag! faced multiple operational issues. As the user base grew, it became difficult to hire enough dog walkers. Additionally, dog walkers frequently complained about low pay, which led to inconsistent service quality and drove customers to alternative apps. Despite raising nearly $100 million in funding and reaching 10 million users, Wag! struggled to succeed. In 2022, Wag! went public with a valuation of $350 million. However, as of 2024, the platform has only 467k active users, declining at a rate of about 20% annually and Its valuation has declined to just $10 million. Fun fact: Brendan Rogers later founded 2amVC, a vc firm providing seed funding to Indian startups.
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