SoftBank raised eyebrows nearly two years ago when it pumped a staggering $300 million into a dog-walking startup called Wag. Now, after a series of stumbles at the company, SoftBank appears to be giving up on the investment.
SoftBank raised eyebrows nearly two years ago when it pumped a staggering $300 million into a dog-walking startup called Wag. Now, after a series of stumbles at the company, SoftBank appears to be giving up on the investment.
New Wag CEO Garrett Smallwood informed staffers on Monday that the company was"amicably parting ways with SoftBank," according to the email obtained by CNN Business. Softbank will no longer have representation on its board, he told employees in the email. SoftBank is also selling its stake in Wag back to the company. The Wall Street Journal first reported the news Monday. A SoftBank spokesperson confirmed the report to CNN Business.
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