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Care.com Inc., a website that helps consumers find local care providers for children, seniors and pets, raised $50 million in a new funding round led by Institutional Venture Partners.
The investment brings the total funding for Care.com to $111 million, said Sheila Lirio Marcelo, chief executive officer. Funds will mainly be used for international expansion and potential acquisitions, she said. The website has been expanding as more people look online to find caregivers along with tutoring and housekeeping services.
“We’ve actually got an opportunity to pursue some fantastic growth areas, leveraging what we’ve done so far and adding other services,” she said.
Care.com, based in Waltham, Massachusetts, bought Berlin- based Besser Betreut GmbH last month, boosting its presence in Europe and expanding the company’s membership to 7 million users.
This is the company’s fifth round of funding and included existing investors Matrix Partners, New Enterprise Associates Inc. and Trinity Ventures.
“People finding access to good care is a major issue,” said Sandy Miller, general partner at Institutional Venture Partners. “Once you move to the level of care, it’s such a sensitive, personal purchase that you want a way of doing it that’s more controlled, more trusted, more vetted than you would if you were buying a toaster.”
The company offers services in more than 15 countries, including the U.S., Canada and France. Marcelo said the company could expand to parts of Asia and Latin America with the new funding round.
Care.com makes money from online subscriptions, along with the fees that service providers pay to be on the website. In addition, companies that provide off-site services, such as day care centers, may pay referral fees. The company also has corporate customers, including Google Inc. (GOOG) and Facebook Inc. (FB), which offer Care.com as an added benefit for employees.
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