Cannot find web application path

After installing ProGet from installer I get following error when running ProGet.Service.exe run webonly (or starting service):

Unhandled exception: System.InvalidOperationException: Cannot find web application path.
   w Inedo.ProGet.Service.ProGetWebService.GetCanonicalWebAppPath()
   w Inedo.ProGet.Service.ProGetWebService.GetWebServerConfig(IEnumerable`1 urls)
   w Inedo.ProGet.Service.ProGetWebService.OnStart()
   w Inedo.WindowsServices.InedoService.Start()
   w Inedo.ProGet.Service.Program.run(WebServerMode mode, Boolean runAsService, String urls)

Product: ProGet
Version: 4.7.11

ben

Assuming ProGet.Service.exe is in C:\Program Files\ProGet\Service, there should be a folder named C:\Program Files\ProGet\WebApp. Does the WebApp folder exist?