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Care.com raises $50m from Institutional Venture Partners

7 Aug 2012

Online care forum Care.com has raised $50m in new funding led by Institutional Venture Partners (IVP) and existing investors Matrix Partners, New Enterprise Associates and Trinity Ventures.

Founded in 2006, Care.com has raised $61m in previous rounds of financing.

The company, which has around seven million members in more than 15 countries focuses on childcare, including special needs, senior care, pet care, housekeeping and tutoring.

Earlier this year, Care.com embarked upon an international expansion campaign which to date has included the acquisition of Berlin-based online care portal Besser Betreut, and the launches of Care.com in the UK and Canada.

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.”

Sandy Miller, general partner of IVP who will also now serve on the Care.com board of directors, added, “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.”

Founded in 1980, IVP has invested in over 300 companies, and has a 32-year IRR of 43.2 per cent.

Investments include ArcSight, Buddy Media, ComScore, Concur Technologies, Dropbox, HomeAway, Juniper Networks, Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL, Netflix, Polycom, Seagate, Shazam, Synchronoss, Tivo, Twitter, and Zynga.

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