August 16, 2012
Care.com, the site that finds caregivers for your kids, parents, pets, or home, raised $50 million in early August, bringing its total funding to over $110 million.
Led by Institutional Venture Partners and including existing investors, the funding comes months after Care.com started its international expansion. Under the leadership of Sheila Lirio Marcelo, the Boston-based company entered Canada and the UK and acquired European site Betreut.de this year.
According to CFO Steve Boulanger, Care.com will likely target other English-speaking countries like Australia before moving into more unfamiliar markets. Foreign laws around privacy and background checks can be a challenge for a business centered on caregivers.
“The biggest challenges we’ve experienced as we get into the international sphere here is certainly language, but importantly culture,” says Boulanger.
With 7 million members in over 15 countries, Care.com is also open to acquiring local sites with strong traction, as they did in Germany. “If those opportunities present themselves, we want to have capital for that,” he says.
Boulanger, who has worked at several technology startups in the past, is still surprised by the amount of capital needed for an online business.
“If you had told me five years ago that we were going to have raised $100M for an online service that is not (at least on the surface) a technology-heavy or a capital-intensive business…” he begins, laughing. “It’s been a bit of a surprise to me.”
Care.com founder and CEO Sheila Lirio Marcelo is the featured speaker at our Tech Cocktail Sessions Boston event on Tuesday, August 21. Get your tickets here.
Did you like this article?
Get more delivered to your inbox just like it!