Thumbtack, the US-headquartered operator of a home renovation services marketplace, raised $275m yesterday from investors including CapitalG, the growth equity arm of internet and technology conglomerate Alphabet.
Sovereign wealth fund Qatar Investment Authority led the round, which also featured Blackstone’s Alternative Asset Management subsidiary, G Squared, Baillie Gifford, Founders Circle Capital, Sequoia Capital and Tiger Global Management. The round valued the company at $3.2bn.
Founded in 2008, Thumbtack has developed a mobile app through which users can book a range of domestic services including cleaning, home repair, gardening and landscaping, in addition to those for weddings and other events.
The latest round boosted the company’s overall funding to $697m, its earlier capital coming from Sequoia Capital, Tiger Global Management, Javelin Venture Partners, Draper Associates, MHS Capital and various individuals.
Thumbtack then raised $100m in a 2014 series D round led by CapitalG (then known as Google Capital) and backed by Sequoia Capital, Tiger Global and Javelin Venture Partners at a $750m valuation.
Baillie Gifford, Sequoia and Tiger Global added $125m in a 2015 series E round valuing the company at $1.3bn, before Sequoia led a $150m round in mid-2019 that included Baillie Gifford, hiking its valuation to $1.7bn.
Marco Zappacosta, co-founder and chief executive of Thumbtack, said: “We want instant, on-demand everything, but when it comes to fixing, maintaining and improving our homes that experience does not exist.
“Thumbtack has an incredible opportunity to bring the $500bn home services market into the 21st century. We will create a new era of home management – and deliver the peace of mind every homeowner needs.”
