Bark, who owns Barkbox (the pup-ular monthly subscription service for the doggos) is taking their dog park to Wall Street so that street will need an immediate pup revamp. Given their subscriptions have reached over 1 million, it clear the dogs are taking over Wall Street.
Bark was founded 8 years ago and ships dog treats, toys, chews, and more through its Barkbox service. Bark also has other brands that I am anticipating will be growing. The company is forecasting to hit $365 million in revenue for the fiscal year ending March 31. They also own have Bark Eats, which designs personalized meal plans for the doggos.
This will be possible with an acquisition by Northern Star Acquisitions Corp. and a merge with a $1.6 billion dollar deal. The Wall Street Journal notes that this deal seeks to capitalize on the sharp incline in pet adoptions and pet-related spending. This deal tails the recent decision of Petco Animal Supplies Ince. to file for a public offering. The pandemic has also pushed the online pet-supply store Chewy to grow 45% sales year-over-year.
Santa Paws must be excited to give toys to all the good doggos as spending for pets are up 21% this year (according to a recent report by PricewaterhouseCoopers LLP). That’s a bigger jump than the humans! Barkbox is doing this trendy thing right now in the market where they are using SPACs (special purpose acquisition companies) so they can go public. These public companies are formed so they can aquire other companies to go public with.
What are they going to do with this new status and funds? Hopefully buy the doggos all the treats. Additionally, they are expecting to push the company’s international business side by growing and creating new product lines.
It’s official – the dogs are taking over and Wall Street let them out!
Check out all the dog mom gossip articles for more dog mom lists, quotes, and awesomeness here.