The Silicon Valley dream of tech startup glory just took another hilarious nosedive. Wag, once the golden child of on-demand dog walking services, has officially filed for bankruptcy - proving that not every tech bro’s brilliant idea is actually brilliant.

Once valued at a jaw-dropping $650 million, Wag’s journey reads like a classic Bay Area startup cautionary tale. Born in 2014, the company rode the wave of gig economy hype, promising tech-enabled pet care that would revolutionize how urban millennials manage their furry friends.

From Venture Capital Darling to Financial Doghouse

SoftBank’s massive $300 million investment in 2018 seemed like a golden ticket. Celebrity endorsements from Mariah Carey and Kendall Jenner? Check. Venture capital excitement? Double-check. But reality hit harder than a chewed-up designer shoe.

Pandemic Pivot and Financial Struggles

COVID-19 turned Wag’s business model upside down. With people working from home, demand for dog walking plummeted. The company tried diversifying into pet insurance and veterinary tools, but couldn’t stem the financial bleeding. By 2024, they were reporting a staggering $69.5 million in losses.

The Final Whimper

Now, Wag is using bankruptcy proceedings to restructure, hoping to be acquired by a company called Retriever. Their stock, once soaring, now trades at a pathetic 12 cents per share - less than the price of a fancy dog treat.

The moral of the story? In tech, today’s unicorn can quickly become tomorrow’s cautionary tale. Pour one out for Wag - another Silicon Valley startup that barked louder than it could bite.