Care.com Shares Soar 40% Following $46 Million Google Investment

Shares in the online marketplace for babysitters, caregivers and pet sitters have soared more than 40 percent in after-hours trading after it was revealed that Google had invested $46.35 million in the company to become the majority shareholder.

Care.com announced after trading closed Wednesday that it had received an investment from Google Capital, the late-stage growth venture capital fund financed by Alphabet Inc., and that it would be using the majority of the money to buy back shares from Matrix Partners.