Wag! operates an online marketplace that connects pet owners with pet service providers, and also offers pet wellness and pet food advisory products. The platform covers three areas. First, pet services (dog walking, drop-in visits, boarding, sitting, and training), where pet owners book vetted caregivers through the Wag! app and receive real-time GPS tracking and updates. Second, a wellness segment anchored by Petted.com, a pet insurance comparison marketplace where pet owners compare quotes from insurers like Lemonade, Trupanion, and Pets Best. Third, pet food advisory through Dog Food Advisor and Cat Food Advisor, content-driven sites that help pet owners evaluate food brands. Wag! generates revenue through caregiver service fees and pet owner subscriptions in services, affiliate fees on insurance policy conversions in wellness, and affiliate fees on pet food referrals in the food segment. Wellness is the largest segment at roughly 61% of revenue. A key characteristic of the wellness and food businesses is heavy reliance on Google search traffic for customer acquisition, which creates meaningful volatility — a Google algorithm change in Q3 2024 disrupted wellness revenue sharply. In response, Wag! is diversifying into direct distribution partnerships with established brands. Wag! is also building out Furmacy, a B2B SaaS e-prescribing tool for veterinary clinics, as an additional revenue stream and pet owner acquisition channel.