Square 1 Bank Announces $4.5 Million Credit Facility to Sittercity
CHICAGO, December 3, 2013-- 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.”
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
Sittercity®, founded in 2001, is America's most trusted online solution for connecting families with high-quality local caregivers, including babysitters, nannies, special needs sitters, care companions, and pet sitters. With over 4 million members nationwide, Sittercity meets every family's need by providing detailed profiles reviewed by industry professionals complete with photos, parent reviews, up-to-date availability, references and caregiving experience. Sittercity also provides tools to help families throughout the screening and hiring process, including two levels of background checks, motor vehicle records checks, and an online safety guide. As the Department of Defense's solution of choice, military families in all four branches (Army, Marines, Navy and Air Force) have access to Sittercity funded through an exclusive Department of Defense contract. www.sittercity.com
Square 1 Bank
Dee McDougal, 919-597-7479
Downloadable Venture Capital Database