US-based on-demand home services provider Handy has raised $50m in a funding round led by financial services conglomerate Fidelity Management and Research, TechCrunch reported yesterday.
Fidelity was joined by TPG Ventures, General Catalyst, Highland Capital and Revolution Growth. The round reportedly valued Handy at approximately $500m.
Founded in 2012, Handy operates a platform through which users can book professional housekeeping staff and a range of other services, such as help with furniture delivery and assembly.
The funding will support the company’s continued growth in its 28 existing markets and further international expansion towards the end of 2016. Handy claims to have processed a million transactions as of June 2015.
In March 2015, TPG Growth led a $15m investment, featuring Sound Ventures and several unnamed, existing backers.
Revolution Growth provided $30m in funding in June 2014, following a $10m series A round in 2013 including General Catalyst Partners, Highland Capital Partners and assorted angel investors. Highland and General Catalyst had also injected $2m in seed funding in 2012.
Handy also obtained $1.7m in funding in September 2014 and $3.7m in February 2014, according to regulatory filings.