Institutional Venture Partners led a $50 million round for Care.com. Existing Care.com investors Matrix Partners, New Enterprise Associates and Trinity Ventures also contributed to the round. Formed in 2006, Care.com has now raised north of $111 million across five funding rounds. The Waltham, Mass.-based company helps users find local babysitters, nannies, and senior home caregivers.
Care.com (http://www.care.com), the largest online care destination in the world, today announced the closing of $50 million in new funding. The financing was led by Institutional Venture Partners (IVP) and joined by existing Care.com investors — Matrix Partners, New Enterprise Associates and Trinity Ventures –among others.
Founded in 2006, Care.com has raised $61 million in previous rounds of financing. The Company, which has approximately 7 million members in more than 15 countries, allows families to connect with millions of caregivers to help manage the lifecycle of care challenges families face: childcare, including special needs, senior care, pet care, housekeeping, tutoring, and more. Earlier this year, Care.com embarked upon an international expansion campaign which to date has included the acquisition of Berlin-based Besser Betreut, the largest online care portal in Europe, and the launches of Care.com in the UK and Canada.
In making the announcement, Sheila Lirio Marcelo, Founder and CEO of Care.com, said, “It’s both thrilling and gratifying to have investors like IVP embrace the vision of Care.com, appreciate the enormity of global care needs, and believe in the scalability of our services to meet the care challenges faced by families around the world.”
Ms. Marcelo continued, “It is also a validation of our multi-revenue business model and multi-service platform, as well as our track record of growth that existing investors of the caliber of Matrix, NEA and Trinity have joined us in this latest round of financing as well. We have an incredible board joined by USAA that supports our vision and mission.”
Sandy Miller, General Partner of IVP who will also now serve on the Care.com Board of Directors, said, “Sheila and the team at Care.com have done more than identify a growing global need; they’ve delivered on a strategy to help fill that need for millions of families. IVP is excited to be part of Care.com’s continued growth and expansion both in terms of the services the company offers and the markets it reaches.”
About Care.com, Inc.
Founded in 2006, Care.com (www.care.com) is now the largest online care destination in the world with 7 million members spanning more than 15 countries. Care.com provides a forum for families seeking care support to easily connect with millions of care providers, share caregiving experiences and get advice. The company addresses the unique lifecycle of care needs that each family goes through – child care, including special needs, senior care, pet care, housekeeping and more. Care.com also provides e-tools and information to help families make safer and more informed decisions throughout the search and hiring process, including monitored messaging, access to background checks, recorded references, and an online safety guide. Fortune 500 companies, educational institutions, technology companies, and professional services firms offer Care.com memberships as a benefit to employees through its Workplace Solutions program.
About Institutional Venture Partners (IVP)
With $4 billion of committed capital, Institutional Venture Partners (IVP) is a premier later-stage venture capital and growth equity firm in the United States. Founded in 1980, IVP has invested in over 300 companies, 91 of which have gone public. IVP is one of the top performing firms in the industry and has a 32-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Buddy Media, ComScore (SCOR), Concur Technologies (CNQR), Dropbox, HomeAway (AWAY), Juniper Networks (JNPR), Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA).