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-headquartered network connecting pet owners with sitters and walkers for dogs across the U.S. and Canada. Services include drop-in visits, overnight boarding, and group daycare with real-time GPS updates and vet access. Rover verifies caregivers through background checks and insurance coverage up to 1 million dollars. Launched in 2011, it operates in 100 countries with millions of bookings annually.
Founded
2011
HQ
Seattle, WAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$218M (Nov 2023)
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 |
Rover Valuation
Rover is currently valued at $970M, based on its Series G in May 2018.
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 |
|---|---|---|
| May 2018 | Series G | $970M |
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 | - |
| 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 | |
| San Francisco, 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 | |
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Start Free TrialAcquisitions by Rover
Rover has acquired 5 companies to date.
Last acquisition by Rover was on July 21st 2025. Rover acquired Mad Paws for $62M.
Latest Acquisitions by Rover
| Description | 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 Madrid-headquartered pet care platform founded in 2014, connecting dog owners with 20,000 vetted sitters across Spain, Italy, France, and the UK. It offers boarding, walking, and daycare services with insurance coverage up to EUR 10,000 per booking, real-time GPS tracking, and photo updates. The app processes 100,000 bookings yearly, partnering with vets for emergency support. | 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. | DogBuddy is a London-headquartered peer-to-peer dog boarding marketplace operating in the UK, Spain, Italy, France, and Germany. It connects owners with 30,000 vetted sitters via app, providing insured overnight and daycare services with 4.98 average ratings. | |
| HQ Country |  |  |  | | |
| HQ City | Sydney | Madrid | London | London | |
| Deal Date | 21 Jul 2025 | 29 Apr 2025 | 31 Oct 2024 | 30 Oct 2018 | |
| Valuation | $62M | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Rover Competitors
Rover competitors include listed companies like Visional and TX Group, and private ones like MUSINSA, ManoMano, PolicyBazaar and Aihuishou.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seoul | Private | $475M | $143M | $2.3B | 4.9x | |
 France | Private | - | - | $2.2B | - | |
 Japan | Publicly listed | $515M | $157M | $2.2B | 2.6x | |
 Gurgaon | Private | $37M | $21M | $2.4B | 64.9x | |
 Shanghai | Private | $473M | - | $2.5B | - | |
 Switzerland | Publicly listed | $1.1B | $310M | $2B | 2.1x |
Rover Public Comps
Rover is no longer listed, but its public comps include Stubhub, Central Garden & Pet, Visional, Urban Company, TX Group, Ziff Davis, Spectrum Brands, Lime, People and TBO.com.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $3.1B | $334M | 0.9x | 0.9x | 8.0x | 7.1x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $2.8B | $211M | 0.9x | 0.9x | 12.1x | 7.0x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
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. |
| Which companies are comparable to Rover? | Companies comparable to Rover include MUSINSA, ManoMano, Visional, PolicyBazaar, Aihuishou and TX Group. |
| How many companies has Rover acquired? | Rover has acquired 5 companies, including Mad Paws, Gudog, Cat in a Flat, DogBuddy and DogVacay. |
| 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. |
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