Caring.com Closes $10 Million in Series B Financing
Shasta Ventures leads round, with participation from DCM and Split Rock Partners
SAN MATEO, CA (November 12, 2009) Caring.com, a leading online destination for people caring for aging parents and loved ones, today announced that it has closed $10 million in Series B financing, led by new investor Shasta Ventures. Existing investors DCM and Split Rock Partners, also participated, along with support by strategic individual investors.
"We're excited to invest in the large and growing eldercare category. Caring for an aging loved one is a life stage when consumers need a lot of information, products and services," said Tod Francis, Managing Partner at Shasta Ventures. "Caring.com is meeting this need as evidenced by its strong traffic growth and the high demand for site inventory from advertisers."
The new funding will support the continued expansion of Caring.com, including further development of the Caring.com site, the recently acquired Gilbert Guide eldercare services directory, new marketing programs and growth of the Caring.com team.
With over one million unique monthly visitors, Caring.com is well on its way to becoming the most trusted source of eldercare information and community on the web The site is supported by leading advertisers and was sold out in August, September and October of 2009.
"We're thrilled to have Shasta as a new business partner," said Andy Cohen, co-founder and CEO, Caring.com. "Their experience building successful online brands like Mint.com will help Caring.com continue to grow at a rapid pace."
About Shasta Ventures
Shasta Ventures is an early-stage venture capital firm investing in technology-enabled businesses serving consumers and enterprises. Located in Menlo Park, Calif., Shasta Ventures manages $460 million. Shasta was formed in 2004 by venture capital veterans and invests across consumer and business services, mobile applications and software. For more information on Shasta Ventures, please visit www.shastaventures.com.
DCM is an early stage venture capital firm supporting entrepreneurs building world-class technology companies. The firm's partners manage US$1.6 billion and have funded leading technology companies including 51job (Nasdaq: JOBS), @Motion (Openwave), About.com (The New York Times Co.), All About (Jasdaq: 2454), Arroyo (Cisco), Clearwire (Nasdaq: CLWR), eDreams (TA), Foundry Networks (Nasdaq: FDRY), HireRight (Nasdaq: HIRE), Internap (AMEX: IIP), IPivot (Intel), JCI (Nasdaq Japan - Hercules: 9424), Neopath Networks (Cisco), nQuire (Siebel), Recourse Technologies (Symantec), Sigmatel (Nasdaq: SGTL), SMIC (NYSE: SMI), and Vimicro (Nasdaq: VIMC). For more information, please visit www.dcm.com.
About Split Rock Partners
Split Rock Partners, with offices in Minneapolis and Menlo Park, CA, invests in emerging Internet services, software, and healthcare companies primarily in the Upper Midwest and on the West Coast. Split Rock Partners was formed in June 2004 by the Internet, software, and healthcare investment teams of St. Paul Venture Capital (SPVC), and continues to manage SPVC's existing portfolio in these areas. Representative companies in the Split Rock Partners portfolio include Compete, Internet Broadcasting, LowerMyBills (sold to Experian in 2005), HireRight (NASDAQ: HIRE), MyNewPlace, eBureau, QuinStreet, and SPS Commerce. For more information, please visit www.splitrock.com.