Porch, the US-based interior services marketplace backed by home improvement retail chain Lowe’s, has raised $20.6m in series C funding from unnamed investors, according to a securities filing.
The round includes existing debt converted into series C stock and has a $37m target according to the filing. It increased the total raised by Porch to approximately $120m.
Founded in 2012, Porch runs an online marketplace where homeowners can hire tradespeople such as interior handymen and plumbers. CEO Matt Ehrlichman told GeekWire the series C cash would support operations and efforts to secure profitability.
The company secured $65m in a Lowe’s-backed series B round in 2015 that was led by Valor Equity Partners and backed by Founders Fund, Battery Ventures, Panorama Point Partners, Capricorn Investment Group and Ty Pennington.
Lowe’s had led Porch’s $27.6m series A round the year before, after $6.3m in seed funding in 2012 from more than 20 investors including seed fund SV Angel and assorted angel investors, according to media reports.