Millions of pet parents have booked a service on Rover, with more than 500,000 pet care providers across North America and Europe. Rover connects pet parents with pet care 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.
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The improvements in our booking trends over the past few weeks, including April, combined with our more efficient cost structure gives us confidence in delivering our full year targets.”Ī chart accompanying this announcement is available at įounded in 2011 and based in Seattle, Rover is the world’s largest online marketplace for pet care. “Looking ahead, consistent with our operating plan for the year, we plan to drive growth with targeted and increased investments in marketing as we capitalize on the expanded market opportunity and influx of new pet parents. “In the first quarter, we improved Adjusted EBITDA 64% year-over-year as we leveraged our organic customer acquisition efforts and streamlined cost structure,” said Rover CFO, Tracy Knox.
The transaction values Rover at an enterprise value of approximately $1.350 billion. Caravel is a publicly traded special purpose acquisition company sponsored by True Wind Capital.
On February 10, 2021, Rover entered into a definitive business combination agreement with Nebula Caravel Acquisition Corp. New customer daycare bookings for puppies was up 64% over the first quarter of 2019, a historic high. Existing Rover pet parents added ~30% more puppies to their profiles than they did in the first quarter of 2019. The “pandemic puppy” boom is a real phenomenon: of all new pet profiles added on Rover, the percentage of puppies is up 38% over the first quarter 2019. Requests for services are being made further in advance: the median lead time for pet care requests in March 2021 was up ~15% over March 2019. Stay length for overnight services began to return to historical seasonal norms: the average stay length in the first quarter of 20 was ~4 nights. Rover expects the exact rate of recovery to continue to vary by locale. Historically, the seasonal trend has been a ~20% increase during the same timeframe. For all bookings, California, Florida, New York and Texas are up 45%, 42%, 44% and 69% respectively month-over-month from February to March 2021. 
Adjusted EBITDA of ($4.4) million, compared to ($12.3) million. GAAP net income/(loss) of ($10.6) million, compared to ($20.5) million. GBV of $64.7 million, compared to $86.8 million. Customer Acquisition Cost (CAC) of $7, compared to $39 on new bookings of ~102,000, compared to ~109,000. During the last week of March 2021, Rover had its highest volume week of new bookings since the week prior to Christmas 2019, and significantly more new bookings than any week in 2020. Total revenue of $12.2 million, compared to $17.0 million. (Unless otherwise noted, all comparisons are relative to the first quarter of 2020): We believe Rover is well positioned to capture the resurgence in pet care demand as people resume traveling and return to work.” “In the first quarter and continuing into May, we have seen an uptick in both Gross Bookings Value (GBV) and bookings as COVID vaccines roll out. “We are pleased with our first quarter results and are very encouraged by recent data and the signs we are seeing in the market,” said Rover co-founder and CEO, Aaron Easterly. (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced financial results for the first quarter ended March 31, 2021. SEATTLE, (GLOBE NEWSWIRE) - A Place for Rover, Inc. March Gross Bookings Value increased 67% Year-Over-Year. 
Q1 New Bookings of ~102,000 at $7 Average Customer Acquisition Cost.Strong Q1 Gross Bookings Value of $65 million.Recent Data Shows Signs of Rapid Acceleration and Post-Pandemic Recovery.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.
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