Caring.com Raises $10 million In 2nd Round. Total $16 million Raised Since 07.
Posted Nov 14 2009 10:01pm
In September 2007, Caring.com raised $6 million led by DCM and Split Rock Partners.
This week Caring.com announced a 2nd round funding of $10 million led by a new investor, Shasta Ventures, with participation from previous backers DCM and Split Rock Partners.
The company has raised $16 million in total.
Caring.com says it will use the money for new hires, as well as an expansion of the core Caring.com site, and Gilbert Guide, the eldercare services directory it acquired in October.
Caring.com runs display ads and sponsorships; co-founder and CEO Andy Cohen said about half of the site’s advertisers are pharmaceutical brands. As for the recent scrutiny by the FDA around pharma ads, Cohen said Caring.com was insulated because the Agency was focused on search ads and user-generated content—not display ads or curated editorial.
I know Andy Cohen and respect the work he is doing at Caring.com. Raising $16 million in three years is a LOT of money in any economy. But to raise $16 million in this economy is quite an accomplishment - almost unheard of. What this tells me is the investors -- who have had access to all the financials and web analytic data of Caring.com -- like what they see. Tod Francis, managing partner at Shasta Ventures, said the company’s traffic growth and ad performance were what attracted the investment (Caring.com says web site traffic has grown to over a million monthly uniques).
Laurie Orlov, a former Forrester analyst, wrote a post on her Aging In Place Technology Watch blog about Caring.com and their business model. It's quite good.