Total amount raised
$30.8 Million
Latest funding date
7/1/2021
Location
Otter has successfully raised funding over three rounds, with notable investors including Abstract, Andreessen Horowitz, and Sequoia Capital. The latest funding was secured through a Series A round, highlighting the platform's potential in the childcare industry.
Keep reading to explore the intricacies of Otter's fundraising journey and the investors backing this innovative platform.
What Is Otter?
Otter is a private company based in San Francisco, California, operating within the child care, children, family, and wellness industries. The platform connects parents in need of childcare with caregivers in the community, aiming to support caregivers in building sustainable and rewarding careers.
Founded with the mission to simplify childcare, Otter has grown to employ between 11-50 people. The company is currently in Beta, offering early users the opportunity to become founding caregivers with lifelong free access.
How Much Funding Has Otter Raised?
- Seed Round
- Amount Raised: USD 4,800,000
- Date: October 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of the platform.
- Seed Round
- Amount Raised: USD 2,999,991
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial operations.
- Series A Round
- Amount Raised: USD 23,000,000
- Date: July 2021
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Otter's trust and safety team and ensure the internal infrastructure is robust before scaling further.
Total Amount Raised: USD 30,799,991. Current Valuation: Not publicly disclosed.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a prominent venture capital firm known for investing in early and growth-stage companies across various sectors. Jess Lee, a partner at Sequoia, will join Otter's board.
- Investment Focus Areas: Technology, healthcare, consumer, financial services
- Notable Investments: Apple, Google, Oracle
- Andreessen Horowitz
- Details: Andreessen Horowitz is a well-known venture capital firm that invests in both early-stage startups and established growth companies. They led Otter's previously undisclosed $4.8 million seed round.
- Investment Focus Areas: Technology, software, consumer, enterprise sectors
- Notable Investments: Facebook, Twitter, Airbnb
- Abstract Ventures
- Details: Abstract Ventures is a venture capital firm that invests in early-stage startups. They participated in Otter's Series A funding round.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Not specified
- Thrive Capital
- Details: Thrive Capital is a venture capital firm that focuses on internet and software investments. They participated in Otter's Series A funding round.
- Investment Focus Areas: Internet, software sectors
- Notable Investments: Instagram, Stripe, Slack
What's Next for Otter?
Otter's future looks promising as it continues to address the broken childcare market by coordinating care for families and providing paid opportunities for stay-at-home parents. With the recent $23 million Series A funding, the company plans to expand its services beyond Chicago and New York, tapping into a growing demand for flexible and affordable childcare solutions.
As Otter scales, future fundraising opportunities seem likely, especially given the involvement of prominent investors like Sequoia Capital and Andreessen Horowitz. However, the company will need to ensure the safety and reliability of its caregivers and build a robust internal infrastructure to support rapid expansion. Competing with traditional childcare services and other emerging startups will also be a challenge.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Otter and gather other critical business insights.
Sign up for free to start exploring the wealth of information available at your fingertips.
