BorrowMyDoggy, a Southwark-based startup that connects dog owners with local dog lovers across the UK and Ireland for walks, sitting and happy holidays, has launched an equity crowdfunding campaign on Crowdcube to raise £575,000 to expand its services.
The company, which was founded by dog lover Rikke Rosenlund, shared that through its matching procedure, dogs enjoy extra one-on-one attention and exercise, borrowers get to have fun, happy dog time without the full-time responsibility and owners have peace of mind that their dog is being taken care of by someone who is local, verified, insured, and wants to help out simply because they love dogs, not to get paid. This service is known as “Pawprints of Happiness” and its the company’s key goal.
Since the launching of its site in 2012, BorrowMyDog has captured the eyes of over 250,000 pet lovers across the UK and Ireland. The company noted that it has members as far North as the Shetland Islands, and as far South as Jersey, all the way West in Limerick and East in Great Yarmouth. An annual subscription costs £44.99 for owners and £9.99 for borrowers, which covers the 3-step verification process and provides access to a 24/7 Vet Line and third party liability insurance.
The company noted:
“BorrowMyDoggy is all about getting to know other dog lovers really well before making a match. Just as you you would with a friend, family member, kennel or dog walker, it’s super important people get to know each other well locally before a pooch is taken care of by another person. Everyone, including the dog, needs to feel happy and trust each other since each pooch and person is different.”
Funds from the Crowdcube campaign will go towards the following:
- To introduce the new website and iPhone app features and also launch our first ever Android app.
- Add even more comprehensive membership and safety benefits.
- Double the size of our community and help ensure more successful matches across the UK and Ireland.
The BorrowMyDoggy team then added:
“We believe we have only just started to realize the enormous potential of BorrowMyDoggy, and there are significant opportunities for growth. An eventual exit could be in the form of an IPO or a trade sale to any number of players in similar sectors, verticals or geographies. It is still to early to determine what the best route will be, and in the meantime we are committed to creating value both for shareholders and our community, while building a company that makes a difference. We would encourage investment from people who do not have a definitive timescale in mind and can wait for liquidity from their shares until the company reaches its full potential.”
BorrowMyDoggy’s funding initiative is set to close at the end of October.
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