CozyKin Raises $6M in Series A
BOSTON, MA, CozyKin has completed a $6 million Series A led by Bessemer.
CozyKin, the childcare leader in Montessori-inspired nanny sharing and the largest infant childcare service in Massachusetts, has completed a $6 million Series A. Bessemer, known for being the first investor in Bright Horizons and investors in Pinterest and Blue Apron, is joined by NextView Ventures and Primary Venture Partners in the investment.
The total investment will be leveraged by Boston-based CozyKin to expand to additional markets, hire key staff, and develop strategic corporate partnerships. CozyKin is set to expand to New York City this spring.
"We are creating the leading childcare choice for our generation of modern parents," said Jeremy Au, CozyKin co-founder. "As an expectant or new parent, you are faced with important decisions every day for your little one, and parents deserve a better childcare experience."
CozyKin matches two compatible, local families with a rigorously vetted and trained nanny. The company handles all the logistics from finances and nanny management to backup care, giving parents a stress-free and seamless experience. Furthermore, the two families' children in the nanny share gain the cognitive benefits of socialization with their first best friend.
"CozyKin is a slam-dunk option for new parents. The service combines the personal touch and flexibility of a nanny with the socialization and affordability of daycare," says Kent Bennett, Partner, Bessemer Venture Partners. "We're thrilled to join and support this dedicated team as they bring their incredible service to more families."
Winner of the coveted Mass Challenge grand prize in 2017, CozyKin empowers working women and dual income families, as well as helps employers offer a viable childcare option for employees.
"We were inspired to start CozyKin while researching postpartum depression and came across dozens of parents who shared their need for quality and reliable childcare," said Tatyana Gubin, CozyKin co-founder. "For families to thrive, parents must be able to transition back to work knowing that their child is being well cared for by a qualified adult and are continuing to reach their developmental milestones."
According to NPR, parents often spend upwards of $1,000 on nonrefundable daycare waitlist fees that don't guarantee a spot. With CozyKin, there is a no-waitlist guarantee, so parents aren't left paying unnecessary expenses on top of the already hefty cost of raising a child. Parents receive guaranteed care and can reserve childcare months in advance or in as little as four weeks. This allows parents to enjoy their parental leave bonding with their little one, instead of scouring daycare waitlists and nanny directories.
"At NextView, we invest in companies that redesign the everyday, and as parents ourselves, we understand the struggle and uncertainty of trying to find quality child care. We firmly believe in the CozyKin mission which is to help children flourish, support new parents in their return to work and provide competitive living wages and benefits to nannies," says Rob Go, Co-Founder and Partner at NextView Ventures.
To further support families, CozyKin provides a dedicated care concierge to manage daily care. The company also employs all of their nannies and empowers them with the security of W-2 employment, including competitive wages, paid time off including parental leave, health benefits, workers compensation and ongoing professional development in early childhood education. Only the top five percent of applicants are hired.
"CozyKin's thoughtful, holistic approach to childcare means a superior experience for both parents and caregivers during what can be a tremendously challenging time," says Benjamin Sun, Co-Founder and General Partner, Primary Venture Partners. "As an NYC-focused fund, we're thrilled to leverage our area expertise and resources to support these standout entrepreneurs as they bring this much-needed service to New York and beyond."
To learn more, visit CozyKin.com.
NextView believes in the everyday economy. They think the best way to divine the future is to see it in the context of the longer arc of time. The impact of civilization-shaping technologies unfolds over many decades. Unlike some investors who believe they are in a moment of uncertainty about what comes next, NextView believes that a long and prosperous era is already here. NextView holds investments in dozens of innovative companies including Alignable, Grove Collaborative, Meal Pal, and more.
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Pinterest, Shopify, Yelp, LinkedIn, Skype, PagerDuty, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. Bessemer's 15 investing partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. Follow @BessemerVP and learn more at bvp.com.
About Primary Venture Partners
Primary Venture Partners is a Seed-stage venture capital firm responsible for backing NYC's most talented founders. With the largest portfolio impact team of any NYC Seed investor, its significant talent, finance, and network resources drive measurable results and empower portfolio companies to thrive from Seed to Series A and beyond. Historical successes include seed investments in Jet.com, Ticketfly, TxVia and Coupang, and the firm counts some of NYC's most promising startups-including Slice, Mirror, Ollie, Latch, Vestwell, Electric and Bravely-among its portfolio. Learn more at http://www.primary.vc.
About CozyKin, Inc.
Founded in Boston, Massachusetts in 2016, CozyKin has quickly become the go-to nanny sharing platform for new and expectant parents looking for the personalized care and convenience of a nanny matched with the socialization of a daycare. With hundreds of families matched in Boston, CozyKin has grown 10x year-over-year and won the coveted MassChallenge grand prize in 2017. CozyKin is Boston's largest provider of Montessori-inspired nanny care with an expansion to New York City planned for this year. CozyKin is the leading childcare choice for the modern generation of parents. To learn more, visit CozyKin.com, @GetCozyKin on Instagram and facebook.com/getcozykin on Facebook.
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