Rover Group, Inc. (Nasdaq: ROVR) (“Rover”), the world’s largest
online marketplace for pet care, today begins trading on The Nasdaq
Global Select Market. Rover’s common stock and warrants will trade
under the ticker symbols “ROVR” and “ROVRW”, respectively. This
follows the completion of Rover’s previously announced business
combination with Nebula Caravel Acquisition Corp. (Nasdaq: NEBC)
(“Caravel”), a special purpose acquisition company sponsored by
True Wind Capital.
Founder Aaron Easterly will continue leading as Rover’s CEO, and
Adam Clammer, Caravel CEO and Founding Partner of True Wind
Capital, will join Rover’s Board of Directors.
“I’m incredibly proud of our team for achieving this milestone,
and grateful to all the pet care providers who’ve joined us on our
mission to make it possible for everyone to experience the
unconditional love of a pet,” said Rover CEO, Aaron Easterly. “This
is the beginning of what we believe could be a great period of
value creation for Rover as we continue working to make it easier
for pet parents around the world to connect with loving pet
care.”
Rover saw strong signs of post-pandemic recovery in the first
two quarters of the year, accelerated by the return to travel and
the ‘pandemic pet’ phenomenon. In June 2021, Rover had its
largest-ever booking month recorded, with total bookings of
421,000—compared to 373,000 in June 2019—and had its highest single
month of Gross Bookings Value (GBV) of $56.6 million. June 2021 was
Rover’s largest new customer month ever with new bookings of
~99,000 largely driven by organic customer acquisition. Rover also
set new records in May 2021, with GBV increasing by 18% compared to
May 2019. As a result of these strong booking trends, Rover raised
its full year projections in May 2021.
“We are thrilled to have worked alongside Aaron and the rest of
the Rover team in support of their debut to the public market,”
said Adam Clammer, CEO of Caravel and Founding Partner of True Wind
Capital. “We have a great deal of confidence in Rover’s business
model and strategy and I look forward to serving as a member of the
company’s Board of Directors.”
Rover plans to release its second quarter 2021 earnings after
the market closes on August 9, 2021. For more information please
visit investors.rover.com.
About Rover Group, Inc.Founded in 2011 and
based in Seattle, Rover is the world’s largest online marketplace
for pet care. Rover connects pet parents with pet providers who
offer overnight services, including boarding and in-home pet
sitting, as well as daytime services, including doggy daycare, dog
walking, drop-in visits, and grooming. To learn more about Rover,
please visit http://www.rover.com.
About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm
focused on investing in leading technology companies. True Wind has
a broad investing mandate, with deep industry expertise across
software, data analytics, tech-enabled services, internet,
financial technology, and hardware. Rover is True Wind's 8th
platform investment.
About Nebula Caravel Acquisition Corp.
Nebula Caravel Acquisition Corp ("Caravel") was a blank check
company sponsored by True Wind and led by Adam H. Clammer and James
H. Greene, Jr., who served as Chief Executive Officer and Chairman,
respectively, formed for the purpose of partnering with one
high-quality technology business. Caravel followed Nebula
Acquisition Corporation's successful merger with Open Lending
(NASDAQ: LPRO) in June 2020.
Forward Looking
Statements
This press release contains
forward-looking statements within the meaning of federal securities
laws . You can identify forward-looking statements by words such as
“may,” “will,” “could,” “can,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “poised,” “continue,” “ongoing” or the
negative of these terms or other comparable terminology, but not
all forward-looking statements will contain these words.
Forward-looking statements in this press release include, but are
not limited to, statements regarding COVID recovery, changes in
travel and working behavior and the impact on Rover’s business and
operating results. These statements are based on Rover’s
management’s current expectations and beliefs, as well as a number
of assumptions concerning future events. However, many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release. In addition to
factors previously disclosed in Caravel’s reports filed with the
SEC and those identified elsewhere in this press release, the
following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
performance: failure to realize the anticipated benefits of the
business combination; risks related to Rover’s ability to execute
on its business strategy, attract and retain users, develop new
offerings, enhance existing offerings, compete effectively, and
manage growth and costs; the duration and global impact of
COVID-19, including with respect to new variants such as the delta
variant; and costs related to the business combination.
For a more detailed description of
additional risks and uncertainties facing Rover, investors should
refer to the Registration Statement on Form S-4 and related filings
filed by Caravel with the SEC. The forward-looking statements in
this press release are as of the date of this press release. Except
as otherwise required by applicable law, Rover and Caravel disclaim
any duty to update any forward-looking statements. You should,
therefore, not rely on these forward-looking statements as
representing our views as of any date subsequent to the date of
this press release.
Definitions
A booking is defined as a single
arrangement, prior to cancellation, between a pet parent and pet
care provider, which can be for a single night or multiple nights
for our overnight services, or for a single walk/day/drop-in/groom
or multiple walks/days/drop-ins for our daytime services. New
bookings is defined as the total number of first-time bookings that
new users, which Rover refers to as pet parents, book on our
platform in a period. Repeat bookings are defined as the total
number of bookings from pet parents who have had a previous booking
on Rover.
Gross Booking Value, or GBV,
represents the dollar value of bookings on our platform in a period
and is inclusive of pet care provider earnings, service fees,
add-ons, taxes and alterations that occurred during that
period.
Yo2Y% is calculated as the
non-compounding growth rate of the current period metric vs. that
of the period 2-years prior.
Growth in GBV represents increasing activity on
our platform from repeat and new pet parents, and may differ
slightly from bookings growth depending on the mix of daytime and
overnight services for each period, as well as the individual
prices set by each care provider.
Rover Contacts
MEDIA pr@rover.comKristin Sandberg(360)
510-6365
INVESTORSbrinlea@blueshirtgroup.comBrinlea
Johnson(415) 269-2645
True Wind
Capitalheatherc@truewindcapital.comHeather Chrisco
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