Houzz, the US-based home improvement services platform backed by mass media company Comcast, is set to close a round sized at almost $400m, Fortune reported yesterday, citing a company spokesperson.
Multi-family office Iconiq Capital will lead the round, which will include venture capital firms and existing Houzz investors GGV Capital and Sequoia Capital, a person familiar with the deal told Recode. The deal will value the company at about $4bn.
Houzz runs an online marketplace where users can browse millions of photos to get design ideas, hire home improvement professionals and buy products for their homes. Service providers can pay for prominent listings, and Houzz takes a cut from every item it sells.
The company had previously raised approximately $213m in funding, its last round being a $165m series D in 2014 that valued it at $2.3bn.
The series D round was led by Sequoia and backed by GGV, New Enterprise Associates (NEA), Kleiner Perkins Caufield & Byers (KPCB), DST Global, T. Rowe Price and private investor Oren Zeev.
Comcast’s corporate venturing unit, Comcast Ventures, took part in the company’s $35m series C round the previous year, investing alongside led by NEA and GGV, which co-led the round, Sequoia Capital, KPCB and David Sacks, the founder of enterprise communication platform Yammer.