Monday, October 16, 2017

Dog-walking startup "Wag is burning about $4 million a month"

BB:

Wag's expenses are especially high because the startup relies on celebrity endorsements and costly marketing campaigns, said the three people, who asked not to be identified discussing a private matter. Fashion model Kendall Jenner, singer Mariah Carey and actress Chloe Grace Moretz have praised Wag on their social media accounts. Wag's spokeswoman says, "We have not paid our celebrity fans but we have offered them free walks for life." In June, Jenner disclosed on Instagram that she was compensated to publish a paparazzi-style photograph with her Italian greyhound, Mew.

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Despite the red ink, venture capitalists have poured more than $200 million into Wag and Rover combined.