Rover (US:ROVR)2025-06-19 12:48Business Overview - Rover is the world's largest online marketplace for pet care, with approximately 10x the market share of its next largest competitor[18, 23] - Rover has facilitated 40 million all-time services delivered through its platform[23, 124] - Rover covers 96%+ of the U S population[23, 115] Market Opportunity - The total scaled addressable market for pet care services is estimated to be $113 billion[44, 45] - 67% of U S households own pets, and 95% of dog parents and 94% of cat parents consider their pet a part of the family[39] - Rover unlocks latent demand for pet care services, with 98% of its providers being new to commercial services[43, 48] Financial Performance & Projections - Rover's Gross Booking Value (GBV) was $436 million in 2019, which decreased to $233 million in 2020 due to COVID-19, but is projected to increase to $855 million in 2022[22, 75] - Rover's revenue was $95 million in 2019, which decreased to $48 million in 2020, but is projected to increase to $201 million in 2022[77] - Rover projects revenue growth of 100% in 2021 and 107% in 2022[81] - Rover projects an Adjusted EBITDA margin of -9% in 2021 and 17% in 2022, with long-term targets of 30%+[81] Transaction Overview - The transaction implies an aggregate value of $1355 million and an equity value of $1630 million[94] - The transaction includes a total raise of $325 million, with $275 million from SPAC and $50 million from PIPE[94]