Friday, 15 December 2017

SoftBank is looking to invest up to $300 million in Wag, the dog-walking app.

It shows how SoftBank has affected funding amounts in Silicon Valley.

SoftBank has been in talks to invest as much as $300 million in the dog-walking app Wag, according to people familiar with the conversations.

It’s a concrete example of how SoftBank is transforming financing in tech.

Wag was originally looking to raise $100 million in this latest round, the sources tell Recode, but it ballooned to the $300 million neighborhood when SoftBank expressed interest. One person said Wag had already received an investment offer from a top venture capital firm on the $100 million round before SoftBank came in.

The startup had already raised $40 million just eight months ago — an investment the company said would allow it to expand into new cities. It’s unclear why the company would need to raise so much more money less than a year after a previous fundraising round.

Full story at Recode.

By Theodore Schleifer.

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