Rover, World’s Largest Network of Pet Sitters and Dog Walkers, Goes Public

SEATTLE, WA – August 2, 2021 – Rover Group, Inc. (Nasdaq: ROVR) (“Rover”), the world’s largest online marketplace for pet care, today begins trading on The Nasdaq Global Select Market.  Rover’s common stock and warrants will trade under the ticker symbols “ROVR” and “ROVRW”, respectively. This follows the completion of Rover’s previously announced business combination with Nebula Caravel Acquisition Corp. (Nasdaq: NEBC) (“Caravel”), a special purpose acquisition company sponsored by True Wind Capital.

Founder Aaron Easterly will continue leading as Rover’s CEO, and Adam Clammer, Caravel CEO and Founding Partner of True Wind Capital, will join Rover’s Board of Directors.

“I’m incredibly proud of our team for achieving this milestone, and grateful to all the pet care providers who’ve joined us on our mission to make it possible for everyone to experience the unconditional love of a pet,” said Rover CEO, Aaron Easterly. “This is the beginning of what we believe could be a great period of value creation for Rover as we continue working to make it easier for pet parents around the world to connect with loving pet care.”

Rover saw strong signs of post-pandemic recovery in the first two quarters of the year, accelerated by the return to travel and the ‘pandemic pet’ phenomenon. In June 2021, Rover had its largest-ever booking month recorded, with total bookings of 421,000—compared to 373,000 in June 2019—and had its highest single month of Gross Bookings Value (GBV) of $56.6 million. June 2021 was Rover’s largest new customer month ever with new bookings of ~99,000 largely driven by organic customer acquisition. Rover also set new records in May 2021, with GBV increasing by 18% compared to May 2019. As a result of these strong booking trends, Rover raised its full year projections in May 2021.

“We are thrilled to have worked alongside Aaron and the rest of the Rover team in support of their debut to the public market,” said Adam Clammer, CEO of Caravel and Founding Partner of True Wind Capital. “We have a great deal of confidence in Rover’s business model and strategy and I look forward to serving as a member of the company’s Board of Directors.”

Rover plans to release its second quarter 2021 earnings after the market closes on August 9, 2021. For more information please visit investors.rover.com.