Sittercity raises $4.5 million from Square 1 Bank
Chicago-based Sittercity has received a $4.5 million credit facility from Square 1 Bank. This loan will be used for working capital and growth. Sittercity is an online provider for in-home care. The company’s investors include Point Judith Capital, Apex Venture Partners, Baird Venture Partners, New World Ventures and Bright Horizons Family Solutions. Sittercity has a network of professional caregivers for families that seek care with an emphasis on compatibility.
“We are pleased to establish a new relationship with Square 1,” stated Martin Clifford, Sittercity CEO. “The Square 1 team was able to understand our financial needs and provide a creative solution to support our goals. With the addition of this credit facility, we are well-positioned to execute on our strategy to provide comprehensive in-home care solutions for families across North America.”
Sittercity was founded in 2001 and connects caregivers, babysitters, nannies, special needs sitters, and pet sitters. The company has around 4 million members.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry