Failed 2024
Wag!
SoftBank invested $300M in a dog walking app. Rover won. Wag! went public via SPAC and lost 95% of value.
Founded → Closed
2015 → 2024
Funding Raised
$365M
Industry
On-demand/Pets
Country
USA
IdeaProof AI Failure Score
62/100
Market Fit Risk
45
Burn Rate Risk
75
Founder Risk
30
Full Analysis
Wag! was an on-demand dog walking app that raised $365M, including $300M from SoftBank. But competitor Rover had better walker quality and customer retention. Wag! went public via SPAC in 2022 at a $350M valuation (down from $650M private valuation) and proceeded to lose 95% of its stock value. SoftBank wrote off its entire $300M investment.
Could This Failure Have Been Prevented?
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