SoftBank Dumps Dog-Walking App Company Wag
Posted on 12/10/2019
Japan-based SoftBank Group Corporation manages the SoftBank Vision Fund. The Vision Fund was an investor in Wag Labs Inc., the dog-walking and dog-sitting company, kicking in US$ 300 million in early 2018. SoftBank Vision Fund sold its stake in Wag back to the company at a loss. Wag’s business model was similar to Uber Technologies, but focused on dog walking.
In November 2019, Wag brought in a new CEO, Garrett Smallwood. Wag laid off a number of employees.
