Square 1 Bank provides $4.5M loan to Chicago-based Sittercity
Square 1 Bank granted a USD 4.5 million credit facility to Sittercity. A full service commercial bank, Square 1 Bank exclusively serves entrepreneurs and the venture capital community. Sittercity is a Chicago-based company that provides an online solution to help families connect with high-quality local caregivers. Their online platform has tools that help determine the compatibility, ensure reliability and promote trust between the families seeking care and the caregivers. Sittercity is supported by existing investors which include Point Judith Capital, Baird Venture Partners, Apex Venture Partners, New World Ventures and new investor Bright Horizons Family Solutions.
The loan proceeds will be utilized to increase the company's working capital as well as to support its sustained growth. Sittercity.com is the company's online site that enables families to examine potential candidates using reviews by other families, professional references and background checks. Sittercity also has formed a strategic alliance with Bright Horizons Family Solutions to exclusively provide SelectPlus, a service that gives in-home care solutions that are sponsored by the employer.
In a statement, Sittercity Chief Executive Officer Martin Clifford said they are pleased to form a new relationship with Square 1 Bank. He added, "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."
Square 1 Bank Midwest Region Senior Vice President Ryan Dammeyer said that they are also excited by the partnership formed between Sittercity and Bright Horizons and that they are also proud to become a part of the new capital structure of Sittercity. "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," Dammeyer added.