Startup Raises $4M from VC’s, growing by 300% /m and hiring!
June 21, 2013 — Bark, a XLabs-backed company that lets cats and small dogs share their status, track steps and receive messages without taking their owners’ phone out of their pocket on a tiny smart-watch has raised $4M from a number of well known venture capitalists including Dwight Huffman from Y Ventures, Chip Bayson from Z Capital and prolific angel and former CTO of Petz.net, Ivyonne Rayne.
The company will also produce promotional cone hats and eye googles to concede with the launch, each user will receive a complimentary pet kit after signup. More hats can be purchased using their virtual “bubble” currency.
According to CEO, Lane Yanful the company is growing by 300% each month in terms of bubbles shared on the messaging element of the service (each user is awarded 125 bubbles and can purchase more in increments of 10). According to Yanful at this time bubbles can only be used to purchase stickers and promotional wear.
“We’re really focused on profitability and deeply listening to our users’ problems, every weekend I sit in Yerba Buena Gardens and listen to the frustrations of our users like Rex, Rover and Coco, says Yanful.
Earlier in the year Bark acquired sharing platform Meowful for a cash and stock deal that lead to the two founders joining the company as employees number five and six.
Bark is said to have had over 2000 signups to date, 90% of which are based within a three block radius of each other in the SoMa district of San Francisco. In terms of usage Yanful claims "a lot” of the initial signups are still using the service and they’re executing on the feedback they’re receiving from them.
With the funding boost the company hopes to go global with employees being brought on in London, Berlin and Tokyo to focus on international growth. “I think this is going to be HUGE in Asia” says Yanful, although he couldn’t specify why. Yanful expects for the Bark smartwatch to be in most big-box retailers by 2014 with bubble giftcards also sold alongside in store.
UPDATE (Sept 18, 2013): Lane Yanful announced on his medium blog that the company will be shutting down effective immediately as he moves on to become Entrepreneur in Residence at YZ Partners. In hindsight he says, they knew this wouldn’t work but wanted to focus on the vision and listening to customers.
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