Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $4.5 million credit facility to Sittercity, the largest and most trusted online source for in-home care. Backed by existing investors Point Judith Capital, Apex Venture Partners, Baird Venture Partners, New World Ventures and newly-added Bright Horizons Family Solutions, Sittercity shares its network of professional caregivers with families seeking care, while also providing tools on both sides to gauge compatibility, ensure reliability and foster trust. Proceeds from the credit facility will be used to augment working capital and reinforce continued growth.
Based in Chicago, Sittercity streamlines the process of connecting families to high-quality local caregivers for children, seniors and pets. Via Sittercity.com, families can vet candidates through a variety of resources, including professional references, reviews by other families and background checks. Through SelectPlus, the company also provides employer-sponsored in-home care solutions. Sittercity recently announced its strategic partnership with Bright Horizons Family Solutions to be the exclusive distribution provider of this service.
"We are pleased to establish a new relationship with Square 1," said 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."
Ryan Dammeyer, senior vice president in Square 1 Bank's Midwest region, added, "We too are excited by the partnership between Bright Horizons and Sittercity and are proud to be part of the company's new capital structure. Partnering with the company's leadership team to understand its business model and growth initiatives, we leveraged our industry expertise with high growth companies to craft a tailored credit solution aligned with Sittercity's goals. At Square 1 we are committed to helping dynamic and innovative companies like Sittercity, and we look forward to supporting the company's future success."