Late last year Wag, an app that helps people find dog walkers, was in talks to raise $100 million. SoftBank took a look but would only invest if the round was $300 million. Other investors, including NEA and Kleiner Perkins, felt that was too much money for the startup to raise and dropped out, say people involved in the deal.

SoftBank still hasn’t committed to an investment. If it eventually decides to pass, Wag will have to start looking for funding again. Even worse, SoftBank might end up investing in a rival, according to a person familiar with the situation.