Care.com, Inc. (NYSE: CRCM), a Waltham, Massachusetts-based online marketplace for finding and managing family care, received a $46.35m investment from Google Capital, a growth equity fund backed by Alphabet Inc. (Nasdaq GS: GOOGL).
The investment made Google Capital the largest shareholder in Care.com. In conjunction with the deal, Laela Sturdy, a Partner at Google Capital, will join Care.com’s Board of Directors.
The company intends to use the funds to innovate its service offerings for members and corporate clients and to repurchase 3.7 million shares of its common stock from Matrix Partners at a price of $8.25 per share ($30.5m).
Launched in 2007 by Sheila Lirio Marcelo, Founder, Chairwoman and CEO, Care.com is an online destination for finding and managing family care. Used by 11.0 million families and 8.6 million caregivers across 16 countries, including the U.S., UK, Canada and parts of Western Europe, and approximately 800,000 employees of corporate clients, the company offers child care, senior care, pet care, housekeeping services and tools to find, manage and pay for care or find employment.
Care.com has offices in Berlin, Austin, New York City and the San Francisco Bay area.