Deals
SoftBank’s Other Dog: Wag Sale Talks May Take Bite Out of Valuation
Pet-care startup seeks to sell itself after growth stalls and expansion plans fizzle
The Wag Labs Inc. application is seen on an iPhone in an arranged photograph in Washington, D.C., U.S., on Friday, Oct. 27, 2017.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Wag Labs Inc., one of SoftBank Group Corp.’s high-profile venture investments, is seeking to sell itself for a knock-down price after growth stalled, according to two people familiar with the situation.
The Los Angeles-based pet-care startup is in discussions with several potential strategic buyers. But Wag’s business is losing ground to rival Rover.com, so the Wag price tag will likely fall short of once lofty expectations, the people said. They asked not to be identified discussing private negotiations.