On Thursday, shares of online caregiver marketplace Care.com Inc. are skyrocketing, up over 36% in morning trading after it was announced that Google Capital, the investment arm of Alphabet Inc. (GOOGL Quick QuoteGOOGL - Free Report) , bought a $46.35 million stake in the company.

According to Bloomberg, this deal is Google Capital’s first investment in a publicly traded company, and will make it Care.com’s largest shareholder.

Under the terms of the agreement, Care.com issued a newly authorized series of convertible preferred stock to Google Capital at an initial conversion price of $10.50 per share. This represents a 21% premium to the 30-day volume-weighted average trading price of $8.68 ended June 27.

Care.com chairwoman and chief executive officer Sheila Marcelo said that “We are thrilled to announce this investment and to partner with Google Capital during our next phase of growth. We remain focused on delivering on our vision of building a global marketplace for care to help solve the needs of millions of families and caregivers.”

Google Capital was launched back in 2013, and since then, has invested in various privately-held companies. Laela Sturdy, a partner at the firm, will join Care.com’s board, the company said in a statement.

Morgan Stanley acted as placement agent to Care.com, and Latham & Watkins served as Care.com’s legal counsel in the deal.

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