Google Capital Invests $46 Million in


WALTHAM, MA —, the world’s largest online marketplace for finding and managing family care, announced that Google Capital, a growth equity fund backed by Alphabet Inc. has made a $46.35 million investment in the Company, which makes Google Capital the largest shareholder in

Laela Sturdy, a Partner at Google Capital, will join’s Board of Directors. This is Google Capital’s first investment in a publicly-traded company.

Shares in surged 41% after hours following the investment news on Wednesday night.

In making the announcement, Sheila Lirio Marcelo, Founder, Chairwoman and CEO of, said, “We are thrilled to announce this investment and to partner with Google Capital during our next phase of growth. We remain focused on delivering on our vision of building a global marketplace for care to help solve the needs of millions of families and caregivers. Laela will be a great addition to our Board, bringing significant operating and investing experience including nearly a decade at Google/Alphabet. We look forward to bringing that expertise to bear as we innovate our service offerings for our members and corporate clients, while continuing to add value for our shareholders.”

Ms. Sturdy said, “ is in a unique position to help millions of working families in search of high quality care for their loved ones, and to help caregivers find meaningful work. Google has been a customer of’s enterprise services for employees since 2011, so I’ve been able to see first-hand how’s innovative mobile platform and enterprise solution – Care@Work – helps families search for caregivers and get much needed back-up care services. Google Capital is excited to support in building on their market leadership by giving them access to our biggest asset—some of the world’s leading experts in a range of topics at Google and Alphabet – as they continue to deliver delightful and seamless solutions to consumers and enterprises.”

Under the terms of the agreement, has issued a newly authorized series of convertible preferred stock to Google Capital, at an initial conversion price of $10.50 per share, representing a 21% premium to the 30-day volume-weighted average trading price ended June 27, 2016 of $8.68. Dividends on the preferred stock accrue at 5.5% annually during the first seven years from issuance and are payable in kind. Additional information regarding the terms of the preferred stock, including the conversion and redemption rights of both Google Capital and the Company, may be found in the Form 8-K that will be filed today with the U.S. Securities and Exchange Commission. also announced that it repurchased 3.7 million shares of its common stock from Matrix Partners at a price of $8.25 per share, representing a 5% discount to the 30-day volume-weighted average trading price ended June 27, 2016 of $8.68. The Company funded the $30.5 million share repurchase with a portion of the proceeds from the $46.35 million investment by Google Capital.

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