TrustedHousesitters has built something genuinely unique, combining the worlds of pet care and travel. Since its founding in 2010, the Brighton-based business has grown into the world’s largest platform connecting pet owners with verified sitters willing to care for their animals in exchange for a place to stay. It’s a model that defies simple categorisation, part travel, part pet care, community-led, and it works because it’s entirely built on trust.
Adapting to shifting investor priorities
After finalising our market testing, we provided the management team with insights on investor sentiment. At a time when investors were placing greater emphasis on profitability, TrustedHousesitters’ combination of high growth and sustainable earnings set it apart as a particularly attractive opportunity.
Working closely with our US partner KeyBanc Capital Markets, we ran a tightly controlled process focused on a select group of high-conviction investors. The opportunity was positioned around the business’s proven global scale, strong subscription model and uniquely engaged community, where more than 60% of members joined through word-of-mouth recommendations.
Alongside this, our Modelling & Analytics team built a robust and flexible financial model, demonstrating the underlying profitability of the business and highlighting the value drivers available to accelerate future growth; a critical tool in giving investors the confidence to engage quickly and decisively.
Unlike many sharing-economy models, TrustedHousesitters operates on a straightforward annual subscription. Members pay once a year for unlimited opportunities to travel or find sitters. For the pet owners and sitters who make up its global community, the value is extraordinary. That combination of transparency, trust and value has fuelled expansion into over 140 countries, facilitating more than 10 million nights of pet sitting and saving members millions of pounds annually in accommodation and care costs.
By 2023, the business had reached an inflection point. With Rockpool Investments as a backer since 2017 and CEO Mathew Prior at the helm, TrustedHousesitters had achieved record growth, underpinned by a surge in pet ownership, the ‘humanisation’ trend in pet care, and the US had become its largest single market. Their next step was to find a new investor capable of taking the business through its next phase of global growth and technological innovation.
Our first task after the appointment was to carry out early market testing ahead of a formal process. By sounding out investor appetite and assessing the factors most likely to resonate, we were able to provide the management team with clear insights into the key areas of investor focus. This early feedback shaped the business priorities and ensured that, when the time came to go to market, TrustedHousesitters was perfectly positioned to attract the right partners.
Adapting to shifting investor priorities
After finalising our market testing, we provided the management team with insights on investor sentiment. At a time when investors were placing greater emphasis on profitability, TrustedHousesitters’ combination of high growth and sustainable earnings set it apart as a particularly attractive opportunity.
Working closely with our US partner KeyBanc Capital Markets, we ran a tightly controlled process focused on a select group of high-conviction investors. The opportunity was positioned around the business’s proven global scale, strong subscription model and uniquely engaged community, where more than 60% of members joined through word-of-mouth recommendations.
Alongside this, our Modelling & Analytics team built a robust and flexible financial model, demonstrating the underlying profitability of the business and highlighting the value drivers available to accelerate future growth; a critical tool in giving investors the confidence to engage quickly and decisively.
At a time when investors were placing greater emphasis on profitability, TrustedHousesitters’ combination of high growth and sustainable earnings set it apart as a particularly attractive opportunity.
Finding the right partner
Mayfair Equity Partners emerged as the clear choice from a competitive field. With a strong track record in consumer brands and digital marketplaces, Mayfair understood the TrustedHousesitters vision and demonstrated the conviction needed to help realise it. The fit was as much cultural as it was strategic, with both sides aligned on the ambition to grow the community globally while investing in the technology to enhance member experience. Rockpool also chose to reinvest alongside Mayfair, a move that sent a powerful signal of confidence in the business’s future.
For the CEO, the process delivered on every front. “We see a huge opportunity for continued expansion and believe that Mayfair is the right partner to help us achieve our global growth ambitions,” he said. “Thanks to Clearwater and KeyBanc’s guidance, expertise and belief, we have achieved a fantastic exit and a great new partner going forward. The way they sequenced the build-up, corralled all the parties and got us into a competitive bid situation was very impressive. The final negotiations were expertly handled, and then the shift put in by the deal team over the last few weeks to get it done in a very tight timeline has been remarkable.”
Harnessing transatlantic reach
With the US central to the growth story, transatlantic reach was essential. Our US partner KeyBanc Capital Markets played a pivotal role in opening doors to high-conviction North American investors. The management team attended two major US conferences, the Emerging Technology Summit and Technology Leadership Forum, both hosted by KeyBanc, meeting interested parties face-to-face and building excitement ahead of the formal process.
Market trends added to the appeal. Pet ownership had risen sharply, particularly during the pandemic, while consumers increasingly sought home-based pet care over kennels. The global ‘humanisation’ of pets was driving higher spend on wellbeing and comfort, creating strong tailwinds for TrustedHousesitters’ model. It was important that these dynamics were clearly articulated to buyers, which we achieved through a Commercial Diligence report, giving bidders the data and insights they needed to fully appreciate the scale of the opportunity.
Finding the right partner
Mayfair Equity Partners emerged as the clear choice from a competitive field. With a strong track record in consumer brands and digital marketplaces, Mayfair understood the TrustedHousesitters vision and demonstrated the conviction needed to help realise it. The fit was as much cultural as it was strategic, with both sides aligned on the ambition to grow the community globally while investing in the technology to enhance member experience. Rockpool also chose to reinvest alongside Mayfair, a move that sent a powerful signal of confidence in the business’s future.
For the CEO, the process delivered on every front. “We see a huge opportunity for continued expansion and believe that Mayfair is the right partner to help us achieve our global growth ambitions,” he said. “Thanks to Clearwater and KeyBanc’s guidance, expertise and belief, we have achieved a fantastic exit and a great new partner going forward. The way they sequenced the build-up, corralled all the parties and got us into a competitive bid situation was very impressive. The final negotiations were expertly handled, and then the shift put in by the deal team over the last few weeks to get it done in a very tight timeline has been remarkable.”
For our team, the deal is a testament to what can be achieved in a challenging market with the right preparation, positioning and buyer engagement.
Expert positioning in a competitive market
For our team, the deal is a testament to what can be achieved in a challenging market with the right preparation, positioning and buyer engagement. “Like all of the best digital marketplaces, TrustedHousesitters is disrupting its category, providing a new age solution to the age-old problem of overnight pet care,” said Christopher Jones, Managing Partner at Clearwater. “In Mayfair, the business has secured the ideal partner to support the management team’s global growth ambitions. TrustedHousesitters sits at the intersection of travel, pet and digital marketplaces, three of the most attractive categories for consumer M&A, and we continue to see great interest for prime assets from both strategic and financial investors.”
The $100m+ transaction is a fantastic milestone for TrustedHousesitters, but also a signal of the strong investor appetite for scaled, community-driven platforms with recurring revenue models. It also reinforces our expertise in advising tech-enabled consumer businesses, particularly in navigating complex, cross-border processes and generating competitive tension in softer markets.
Looking ahead
With Mayfair’s backing, TrustedHousesitters will continue its mission to connect pets, people and places across the globe, expanding its vibrant community while further enhancing its platform. For a business built on trust, shared value and the joy of travel, the next chapter promises to be every bit as exciting as the journey so far.
Looking ahead
With Mayfair’s backing, TrustedHousesitters will continue its mission to connect pets, people and places across the globe, expanding its vibrant community while further enhancing its platform. For a business built on trust, shared value and the joy of travel, the next chapter promises to be every bit as exciting as the journey so far.
Clearwater advisers
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