(CNN) SoftBank raised eyebrows nearly two years ago when it pumped a staggering $300 million into a dog-walking startup called Wag. Now, after a series of stumbles at the company, SoftBank ( SFTBF ) appears to be giving up on the investment. New Wag CEO Garrett Smallwood informed staffers on Monday that the company was “amicably parting ways with SoftBank,” according to the email obtained by CNN Business. Softbank will no longer have representation on its board, he told employees in the email. SoftBank is also selling its stake in Wag back to the company. The Wall Street Journal first reported the news Monday. A SoftBank spokesperson confirmed the report to CNN Business. The news highlights the remarkable downfall of a startup that once appeared poised to be tech’s next Big Thing, powered by an on-demand business model similar to companies like Uber and by SoftBank’s seemingly limitless checkbook. Now, not only is the company losing its biggest backer, but it’s also undergoing layoffs. For SoftBank, the failed Wag investment is just the latest shadow cast over its nearly $100 billion technology investment fund, which has pumped vast amounts of capital into flashy tech startups. Uber ( UBER ) and… Read full this story
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