Before making any voting or investment decision, investors and securityholders of Caravel and Rover are urged to carefully read the entire registration statement and proxy statement/prospectus/information, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. A definitive proxy statement/prospectus/information statement will also be sent to the stockholders of Caravel and Rover, seeking any required stockholder approvals. Caravel intends to file a Registration Statement on Form S-4 with the SEC, which will include a proxy statement and prospectus of Caravel and an information statement of Rover, and each party will file other documents with the SEC regarding the proposed transaction. This press release relates to the proposed merger involving Nebula Caravel Acquisition Corp. Important Information and Where to Find It Rover will be True Wind's 8th platform investment. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. Caravel follows Nebula Acquisition Corporation's successful merger with Open Lending in June 2020. Greene, Jr., who serve as Chief Executive Officer and Chairman, respectively, formed for the purpose of partnering with one high-quality technology business. Nebula Caravel Acquisition Corp (Nasdaq: NEBC) ("Caravel") is a blank check company sponsored by True Wind Capital and led by Adam H. 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 caring 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. Caravel is a publicly traded special purpose acquisition company sponsored by True Wind Capital.įounded in 2011 and based in Seattle, Rover is the world's largest online marketplace for pet care. In February 2021, Rover announced plans to become a public company via a merger with Nebula Caravel Acquisition Corp.(Nasdaq: NEBC) ("Caravel"). "For so many of us, our pets have been an important source of love and support through the pandemic, and Rover continues to help pet-parents love and support them back," said Adam Clammer, CEO of Caravel and Founding Partner of True Wind Capital. Historically, the seasonal trend is about a 20% increase during the same timeframe. While the exact rate of recovery continues to vary somewhat by locale, Rover is seeing strong growth across all of the most populated states:įor all bookings, California, Florida, New York and Texas are up 45%, 42%, 44% and 69% respectively month-over-month from February to March. Growth in pet care bookings was strong across the United States: New customer daycare bookings for puppies in Q1 2021 was up 64% over the same period in 2019, a historic high. In March 2021, new customer bookings for puppies were up 24% relative to the same period in 2019. Existing Rover users added ~30% more puppies to their profiles in Q1 of 2021 than they did in Q1 of 2019. Of all the new pet profiles added to the Rover platform in Q1 of 2021, the percentage of puppies is up 38% over Q1 2019.
#News rover data drivers#
The "pandemic puppy" boom is a real phenomenon and is one of the many growth drivers for Rover. Pet ownership and spending per pet has been steadily rising in the US over the past several years, but in 2020, the rate of US pet adoptions nearly quadrupled to 35% compared to 9% in 2019. Pandemic puppies fuel growth in pet care services: 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 is returning to seasonal norms: the average stay length in Q1 20 was ~4 nights. This is typically tied to overnight services such as pet boarding and house sitting. Rover saw both an increase in the duration of bookings on the platform and the time between booking and the service being delivered. During the last week of March 2021, Rover had its highest volume week of new bookings since Christmas 2019, and significantly more new bookings than any week in 2020. New pet care bookings on Rover have returned to pre-pandemic levels.
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