CareGuide secures US$2 million in growth financing from CIBC Innovation Banking

TORONTO, May 29, 2019 /PRNewswire/ - CIBC Innovation Banking is pleased to announce it recently closed a US$2 million growth capital financing with Toronto-based CareGuide, a popular online care services company that helps connect millions of caregivers across North America with families who need child care, pet care, elder care and home-care services. The company also provides payroll services, including direct deposit, electronic paystubs and receipts, tax deductions and tax form filing for professionals in these fields.

"CareGuide is focused on providing the tools and marketplace to ensure that qualified caregivers and care seekers can connect through its online communities. CareGuide has a strong, caring team and has developed an easy-to-use platform for finding care services in Canada and the U.S.," said Rob Rosen, Managing Director, CIBC Innovation Banking. "We look forward to supporting our new client's future success."

CareGuide is also backed by iNovia Capital, Plaza Ventures, Structure Capital, FJ Labs, Hedgewood, Conconi Growth Partners, 500 Startups, and over 60 notable angel investors. With more than three million customers across North America, caregivers and care seekers connect via CareGuide's portfolio of websites, Sitter.com, ElderCare.com, PetSitter.com, Housekeeper.com and HouseSitter.com.

"Our team is pleased that CIBC Innovation Banking is investing in CareGuide's mission of championing caregivers, and elevating this important profession," said John Philip Green, Chief Executive Dad at CareGuide. "Everyone needs paid care – for ourselves or our loved ones – at some point in their lives. Caregiving is a noble profession that deserves modern matchmaking and payroll infrastructure. We are glad that CIBC sees our vision for the care services business and we are proud to have its support." 

About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. The team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking and capital markets businesses in Canada and the U.S.

About CareGuide Inc.
Founded in Toronto, Canada in 2013, CareGuide matches families with local care providers through a portfolio of vertically-focused services, including Sitter.com, Housekeeper.com, PetSitter.com, ElderCare.com, HouseSitter.com, NannyLane.com, and more. In Canada, CareGuide also operates CanadianNanny.ca & HeartPayroll.com, the largest nanny matching & payroll services in the country.

SOURCE CIBC Innovation Banking