Smartcare Announces $6 Million Growth Equity Round
Smartcare Announces $6 Million Growth Equity Round
Investment fuels expansion of its childcare SaaS platform, which has added over 500 new childcare centers and schools this year
LAS VEGAS, March 9, 2018 /PRNewswire/ -- Smartcare, the leading provider of cloud-based solutions for child care centers, today announced an oversubscribed growth equity round of $6 million. Lyrical Partners led the round, with Charter Oak Equity, Dakota Capital, and prior investors participating. The investment comes at a time of explosive growth for Smartcare. Smartcare has over 4,000 active users, and has added over 500 childcare centers and schools to its SaaS platform since the first of the year.
"This investment in Smartcare will be used to support the rapid market adoption of our SaaS platform that we are experiencing," said Smartcare's Chairman of the Board, Mark Ullman. "Smartcare is solving the problems of a market that has been poorly served by traditional desk-top software providers. Clients range from single-site childcare centers and schools to large, multi-site enterprises for which Smartcare offers the only platform that can provide real-time reporting across multiple locations."
Smartcare fills a void in the early learning market, offering a solution to centers that have been forced to cobble together a myriad of software programs to meet their many needs. Smartcare's platform was designed to allow early learning providers to do what they do best: spend time with the children in their care.
Its mobile-first platform enables users to manage critical processes, including check-in/check-out, managing staff/child ratios, reporting, billing, and real-time two-way communications between parents and teachers. Smartcare's cloud-based solution is accessible from any connected device, helping providers connect with today's parents where they are: online and on-the-go. The cost of the system is a nominal monthly technology fee which can be charged to each parent, making this powerful tool free to the center or school.
"Early education is ripe for digital disruption," said Smartcare's CEO Matt Knapp. "This is a fragmented market, riddled with antiquated software. Smartcare is the first comprehensive SaaS platform to show real traction in converting older, installed software programs to cloud efficiency and ease of use."
Lyrical's Founder and Chairman, Jeffrey Keswin, highlighted Smartcare's management team as foundational for his firm's financial commitment. "Smartcare's leaders and team members have done two things particularly well, in our estimation. First, they've listened to the challenges faced and concerns raised by their user base. Second, they've executed conscientiously, setting milestones and delivering reliably for those to whom they've made commitments," Keswin explained. "And we are excited, once again, to be partnering with Matt Knapp, who led our previous investment in Smart Tuition through a very successful exit to Blackbaud."
To take a virtual tour of Smartcare's complete early childhood management solution, please visit Smartcare.com/ - tour.
About Smartcare
Smartcare offers childcare providers and childcare center owners the tools they need to make one of the toughest jobs in the world easier. Smartcare is fast-becoming the leading ECE software application with mobile-first SaaS technology, including a fast, secure, and reliable QR code check-in and check-out system; parent-pay and school-pay models; the ability to enable multicenter groups to get real-time, system-wide information; two-way communication with parents; and tools to track and manage meals, classroom ratios, enrollment, and curriculum. To learn more, visit Smartcare.com.
About Lyrical Partners
Lyrical Partners is a privately-held investment management firm based in New York City. Lyrical and its affiliates manage $10 billion in hedge funds, real estate funds, private equity funds, funds of hedge funds, and traditional equity portfolios.
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SOURCE Smartcare
