Rover Acquisition, Valuation, Funding & Investors
Rover was acquired by Blackstone for $2.3B in November 2023, a 10.6x multiple on $218M of revenue.
Rover revenue at acquisition
$218M
Last twelve months · Nov 2023
Rover revenue multiple at acquisition
10.6x
EV/Revenue · Nov 2023
Rover EBITDA multiple at acquisition
68.9x
EV/EBITDA · Nov 2023
About Rover
Rover is a Seattle-founded online marketplace that connects pet owners with independent local caregivers. Owners use its websites and applications to compare, message and book sitters, walkers, boarders, house sitters, day-care providers and, in some markets, groomers or trainers. Rover earns transaction-based fees by facilitating bookings and provides market-dependent trust features such as identity checks, verified reviews, in-app communication and booking protection. Founded in 2011, the group now operates across North America and Europe and also owns the Cat in a Flat and Mad Paws marketplaces. Rover reports service availability through its group in 18 countries, more than 12 million pets cared for and millions of completed bookings. It expanded its European footprint by acquiring Gudog, a Madrid-founded dog-sitting and walking platform, in 2022. The business was taken private by Blackstone in 2024 but continues to operate under the Rover brand.
Founded
2011
HQ
Seattle, WAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$71M (May 2018)
Valuation
$970M (May 2018)
Rover Acquisition
Rover was acquired by Blackstone for $2.3B on 29 November 2023.
The acquisition price implies a 10.6x revenue and 68.9x EBITDA multiple on $218M of revenue.
Before the acquisition Rover had raised $278M across 7 funding rounds.
Rover Group, Inc., the world’s largest online marketplace for pet care services including dog walking, pet sitting, and daycare, agreed on November 29, 2023, to be acquired by private equity funds managed by Blackstone in an all-cash transaction valued at approximately $2.3 billion, or $11.00 per share, representing a 61% premium over the 90-day volume weighted average share price ending November 28, 2023. Founded in 2011 in Seattle from an idea at a startup gathering and incubated by Madrona Venture Group, Rover went public in August 2021 via a $1.35 billion SPAC merger with Nebula Caravel Acquisition Corp. sponsored by True Wind Capital. In Q3 2023, Rover reported 30% revenue growth to $66.2 million, $10.5 million net income, 1.8 million bookings up 20% year-over-year, and 45% growth in international bookings across over 30,000 neighborhoods globally, despite post-pandemic headwinds like return-to-office trends and macroeconomic pressures. Blackstone, led by Senior Managing Director Sachin Bavishi and Principal Tushar Gupta, aims to accelerate Rover’s investment priorities, expand its global footprint, drive innovation for pet owners and providers, and leverage its scale with over $1 trillion in assets under management to support long-term growth in the fragmented pet services industry. The deal included a 30-day go-shop period ending December 29, 2023, with no superior bids emerging; it was approved by Rover stockholders on February 22, 2024, and closed on February 27, 2024, after regulatory clearances, with no financing condition. Rover delisted from Nasdaq, becoming privately held while continuing operations under existing leadership, including co-founder and CEO Aaron Easterly, who remains near-term to partner on growth initiatives. Advisors included Goldman Sachs and Centerview Partners for Rover, and Wilson Sonsini for legal counsel.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 29 Nov 2023 | PE buyout | $2.3B | 10.6x | 68.9x |
Sources: blackstone.com
Rover Valuation
Rover is currently valued at $970M, based on its Series G in May 2018. Read the announcement ↗
The $125M round was led by T. Rowe Price, with participation from Winslow Capital, Greenspring Associates, Spark Capital, TCV, K2 Global and 1 other investor.
Rover valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2018 | Series G | $970M | 13.6x |
Rover Revenue
Rover's latest recorded revenue is $71M, as of its Series G in May 2018. At a $970M valuation, that implies a 13.6x revenue multiple.
Rover revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2018 | $71M | $970M | 13.6x | Series G |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Rover Funding History
Rover has raised a total of $278M across 7 funding rounds.
Rover's first fundraising round was a $7M Series B in February 2013. The most recent completed round was a $125M Series G in May 2018.
Rover funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2018 | Series G | T. Rowe Price (lead); Winslow Capital; Greenspring Associates; Spark Capital; TCV; K2 Global; Cross Creek | $125M | $970M | Rover raised $125 million in a growth round led by T. Rowe Price in May 2018, as part of a $155 million financing package that also included a $30 million credit facility from Silicon Valley Bank. New investors Winslow Capital and Cross Creek joined the round, alongside existing shareholders TCV, Greenspring Associates and Spark Capital. The Wall Street Journal put Rover's valuation at about $970 million, although the company did not disclose a valuation itself. The round came less than a year after Rover raised a $65 million round and brought its total funding to about $310 million. Chief executive Aaron Easterly said the company did not need the capital but chose to raise it ahead of international expansion and a move into adjacent services such as grooming, vet services and training. Rover is a Seattle-based online marketplace that matches pet owners with more than 200,000 pet sitters and dog walkers across North America. It was born out of a Startup Weekend event in 2011, nearly tripled net revenue in 2016 and 2017, and processes roughly one million bookings per month. The company keeps about 20 percent of each transaction and expected $375 million in gross bookings in 2018. |
| Jul 2017 | Series F | Spark Capital (lead); Menlo Ventures; StepStone Group; Foundry Group; TCV; OMERS Ventures; Bespoke Strategies; Madrona | $65M | - | Rover, a Seattle-based pet services marketplace founded in 2011, connects pet owners with over 140,000 vetted sitters across 10,000 cities in North America for dog walking, sitting, and other services. In July 2017, the company raised $65 million in a Series F round led by Spark Capital, with participation from new investors Bespoke Strategies and StepStone Group, and existing backers including Madrona Venture Group, Menlo Ventures, Foundry Group, OMERS Ventures, and Technology Crossover Ventures (TCV). This brought Rover's total funding to $156 million at the time. The funding was aimed at fueling international expansion, increasing marketing efforts, and launching new services for pet owners and sitters. CEO Aaron Easterly highlighted the company's phenomenal core business growth, noting it would triple net revenue in 2017, matching its 2016 performance, following the acquisition of main competitor DogVacay in March 2017. Rover employed 236 people and was on track for initial profitability by year-end, with an IPO considered the most likely eventual outcome. |
| Sep 2016 | Series E | Foundry Group (lead); Menlo Ventures (lead); Madrona | $40M | - | - |
| Mar 2015 | Series D | A-Grade Investments (lead); TCV (lead); Menlo Ventures; Foundry Group; PetCo; Madrona | $25M | - | - |
| Mar 2014 | Series C | Menlo Ventures (lead); Foundry Group; PetCo; Madrona | $12M | - | - |
| Jul 2013 | Series B | PetCo (lead); Tuesday Capital; Rolling Bay Ventures; Madrona | $4M | - | - |
| Feb 2013 | Series B | Foundry Group (lead); Madrona | $7M | - | - |
Who has invested in Rover?
17 investors have backed Rover across its funding rounds, including Madrona, Foundry Group, Menlo Ventures, TCV, PetCo and Spark Capital.
Lead investors include T. Rowe Price, Spark Capital, Foundry Group, Menlo Ventures, A-Grade Investments and 2 other investors.
Rover Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Seattle, WA | 6 | Participant | Feb 2013 | |
| Boulder, CO | 5 | Lead | Feb 2013 | |
| Menlo Park, CA | 4 | Lead | Mar 2014 | |
| San Francisco, CA | 3 | Lead | Mar 2015 | |
 Vienna | 3 | Lead | Jul 2013 | |
| San Francisco, CA | 2 | Lead | Jul 2017 | |
| United States | 1 | Lead | Mar 2015 | |
| Minneapolis, MN | 1 | Participant | May 2018 | |
| Baltimore, MD | 1 | Participant | May 2018 | |
| New York City, NY | 1 | Participant | Jul 2017 | |
| San Francisco, CA | 1 | Participant | Jul 2013 | |
| Baltimore, MD | 1 | Lead | May 2018 | |
 Toronto | 1 | Participant | Jul 2017 | |
This data is available for Pro users. Sign up to see all 17 Rover investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Rover
Rover has acquired 6 companies to date.
Last acquisition by Rover was on January 28th 2026. Rover acquired Meowtel for undisclosed valuation.
Latest Acquisitions by Rover
| Description | Meowtel is an on-demand marketplace matching cat owners with vetted, insured sitters. Operating in major US cities like New York and Los Angeles, it provides in-home care with live updates via app. Launched to prioritize feline comfort, Meowtel verifies caregivers through background checks and training certifications. | Mad Paws is a Sydney-based online marketplace connecting pet owners with local sitters, dog walkers, and boarding services throughout Australia. Founded to offer affordable alternatives to traditional kennels, it verifies caregivers and provides insurance coverage. | Gudog is a European online marketplace that connects dog owners with vetted sitters and walkers. Loly Garrido and Javier Cuevas created the service in Madrid in 2012 after struggling to find trusted care for their own dogs. Owners could search, contact and book carers for boarding, sitting, walking, home visits and day care. The marketplace supported bookings with reviews, online payments, customer service and veterinary coverage, and earned a commission on transactions. Gudog combined with Irish marketplace HouseMyDog in 2019 and then expanded through acquisitions in Finland and Denmark. By 2025 its network included about 20,000 sitters and walkers across eight European countries and had facilitated more than one million days of care. Rover acquired Gudog in April 2025 and began integrating its community into Rover's larger pet-care marketplace. | Cat in a Flat is a cat-sitting platform connecting owners with local, insured sitters across the United Kingdom. London-based, the service uses geolocation, online booking, calendars, and mobile payments for in-home care. Sitters create personalized profiles, set rates, and receive reviews, serving cities like Manchester, Edinburgh, and Bristol with over 10,000 verified caregivers. | |
| HQ Country | |  |  |  | |
| HQ City | San Francisco, CA | Sydney | Madrid | London | |
| Deal Date | 28 Jan 2026 | 21 Jul 2025 | 29 Apr 2025 | 31 Oct 2024 | |
| Valuation | undisclosed | $62M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Rover acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Rover Competitors
Rover competitors include listed companies like TX Group and Visional, and private ones like MUSINSA, ManoMano, Aihuishou and Fetch.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seoul | Private | $475M | $143M | $2.3B | 4.9x | |
 France | Private | - | - | $2.2B | - | |
 Switzerland | Publicly listed | $1.1B | $312M | $2.4B | 2.5x | |
 Japan | Publicly listed | $628M | $184M | $2.5B | 2.9x | |
 Shanghai | Private | $473M | - | $2.5B | - | |
| Madison, WI | Private | $500M | - | $2.5B | - |
Rover Public Comps
Rover is no longer listed, but its public comps include Gambol Pet Group Co, Stubhub, TX Group, Urban Company, Visional, Spectrum Brands, Central Garden & Pet, TBO.com, Rasan and Inchcape.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | $155M | 2.3x | 2.1x | 14.8x | 21.3x | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.8x) | 6.5x | |||
| $1.1B | $312M | 2.4x | 2.5x | 8.1x | 9.0x | |||
| $165M | ($26M) | 14.0x | 11.3x | (88.3x) | (53.3x) | |||
| $628M | $184M | 3.1x | 2.9x | 10.7x | 10.8x | |||
| $2.8B | $211M | 0.9x | 0.9x | 12.1x | 7.0x | |||
| $3.1B | $334M | 1.0x | 1.0x | 9.1x | 8.1x | |||
| $267M | $41M | 6.1x | 4.6x | 39.3x | 30.2x | |||
This data is available for Pro users. Sign up to see all Rover competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Rover
| When was Rover founded? | Rover was founded in 2011. |
| Where is Rover headquartered? | Rover is headquartered in Seattle, WA, United States. |
| Is Rover publicly listed? | No, Rover was acquired by Blackstone in November 2023. |
| Who acquired Rover? | Rover was acquired by Blackstone in November 2023. |
| How much was Rover acquired for? | Rover was acquired for $2.3B in November 2023, a 10.6x revenue multiple. |
| What is Rover's valuation? | Rover was last valued at $970M in its Series G in May 2018. |
| How much funding has Rover raised? | Rover has raised $278M across 7 funding rounds. |
| What was Rover's last funding round? | Rover's last funding round was a $125M Series G in May 2018, led by T. Rowe Price. |
| Who are Rover's investors? | Rover's investors include Madrona, Foundry Group, Menlo Ventures, TCV, PetCo, Spark Capital, A-Grade Investments, Winslow Capital, Greenspring Associates, StepStone Group and 7 others. |
| What is Rover's revenue? | Rover's latest recorded revenue is $71M (May 2018). |
| What is Rover's revenue multiple? | Rover's latest valuation implies a 13.6x revenue multiple ($970M valuation on $71M of revenue). |
| Which companies are comparable to Rover? | Companies comparable to Rover include MUSINSA, ManoMano, TX Group, Visional, Aihuishou and Fetch. |
| How many companies has Rover acquired? | Rover has acquired 6 companies, including Meowtel, Mad Paws, Gudog, Cat in a Flat and DogBuddy. |
| What was the largest acquisition by Rover? | The $62M acquisition of Mad Paws in July 2025 is the largest acquisition Rover has made to date. |
See companies similar to Rover
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.