Wag! recovers from pandemic with 238% revenue increase
The American pet services marketplace reached $8.1 million in the last quarter of 2021, a “stellar growth” according to the company.
The gross for dog walking, training, and other pet care bookings increased by 141% to $16.6 million, compared to $6.9 million in the fourth quarter of 2020.
The company, which has been recently acquired, posted annual revenue of $20.1 million in 2021, against $12 million in 2020.
“Despite continued headwinds from the pandemic causing return-to-workplace delays, our 2021 cohorts are the strongest in our history, and our revenue continues to grow exponentially,” said Garrett Smallwood, CEO of Wag!.
The gross for bookings reached $47.4 million in 2021, a 35% increase against 2020. The company believes that these figures show the “rapid” recovery of the pandemic.
The company is reaffirming its guidance for 2022 and 2023 with revenue of $41.8 million and $71.0 million respectively.
After the acquisition by CHW Acquisition Corporation, from the second quarter of 2021 the company will be named Wag! Group Co and intends to list the common stock of the combined company on New York’s Nasdaq under the new ticker symbol, “PET.”