Care.com Raises $50 Million for Further Expansion, Acquisitions
Home care and other senior care services connector Care.com announced on Tuesday the closing of $50 million in new funding that’s slated to assist the company’s efforts to acquire similar online care destination services and expand to new locations.
Care.com plans to use the financing to continue investing in building its business, both through the services it offers and the countries it reaches. Although no specific expansion plans were named, a spokesperson did say that the company moves “pretty quickly” and is “always looking at strategic opportunities.”
Institutional Venture Partners led the financing and was joined by existing Care.com investors, including Matrix Partners, New Enterprise Associates, and Trinity Ventures, among others.
“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,” Sheila Lirio Marcelo, Founder and CEO of Care.com, said in a statement.
Marcelo added that it was a validation of her company’s multi-revenue business model and multi-service platform, as well as its track record of growth, that its existing investors have once again joined in the latest round of financing.
In July, Care.com expanded its online empire by acquiring a European care and service provider site. Through the acquisition of Besser Betreut, a Berlin, Germany-based care connector company, Care.com became the largest online care destination in the world. The site provides resources for a variety of care needs, including senior services such as home care, assisted living, or retirement communities.
Since its founding in 2006, Care.com has raised $61 million in previous rounds of financing. Earlier this year, the company began an international expansion campaign that, in addition to the European care portal acquisition, included Care.com launches in the United Kingdom and Canada.
Written by Alyssa Gerace