Sittercity has closed USD22.6 million in series B equity financing led by existing investors Baird Venture Partners (BVP) and New World Ventures (NWV). They were joined by new investors State of Wisconsin Investment Board, Western Technology Investment along with existing investors Point Judith Capital, Apex Venture Partners and I2A.
Sittercity, the website that connects families with child care, pet care, eldercare, home care and tutoring solutions, plans to use the new round of funding to further solidify its dominance in the online care industry by focusing on expansion both domestically and abroad. To increase its foothold in the US, Sittercity will continue to invest in its innovative corporate program, where organisations such as the Department of Defense offer Sittercity as a benefit to their employees.
In January 2010, the US Department of Defense (DoD) officially selected Sittercity’s Corporate Program to help hundreds of thousands of military families across the nation find in-home care. Funded by the Department of Defense, the Sittercity Corporate Program provides all Army, Marine, Navy and Air Force families (including active duty, reserve and guard) with a paid membership to Sittercity through a custom built military portal www.sittercity.com/dod .
Through both investing capital to expand resources as well as leveraging existing relationships with BVP’s corporate partners, Sittercity expects exponential growth in this area of its business. In addition, Sittercity will tap into BVP’s global network to help expedite international expansion with a mission to help families across the globe solve their in-home care needs. Benedict Rocchio (pictured), BVP partner who specialises in investments in the Business Services Sector with an emphasis on technology and information services, will join Sittercity’s Board of Directors to continue to extend Sittercity’s leadership position and accelerate its growth strategy. Adam Koopersmith, partner with New World Ventures, will also join the Board of Directors, and leverage the firm’s experience and network in investing in and supporting next-generation commerce platforms.
"We are excited about the opportunity to partner with the management team of Sittercity and build on the success of their business over the last decade," says Rocchio. "Sittercity is representative of the type of business we look to partner with given its strong market position and management team, operating in one of our core subsectors in the information services industry. Further, this investment underscores BVP’s longstanding commitment to Chicago and the Midwest, which is fundamental to our strategy."
"Childcare is a multi-billion dollar business with tremendous untapped opportunities," says Martin Clifford, Sittercity CEO. "The additional funds allow Sittercity to position our current businesses for unprecedented growth while preparing to launch new initiatives that will continue to redefine the in-home care market and meet the needs of families around the globe in new, innovative ways."
