Thumbtack, a US-based local services listing platform backed by internet and technology conglomerate Alphabet, has raised $120m in series H funding from unnamed investors, TechCrunch reported on Thursday, citing a regulatory filing.
The company reportedly raised the money at a flat valuation of $1.3bn. Rumours had suggested Thumbtack had been exploring a sale to either competitors or complementary businesses.
Founded in 2008, Thumbtack runs a marketplace where merchants can advertise their services to local customers. It charges merchants a fee for introductions to potential clients who then receive quotes before deciding whether to hire a service provider.
Merchants listed on the platform are highly varied, ranging from handymen and cleaners to wedding officiants and makeup artists to personal trainers and pet groomers. The company has not revealed what it intends to do with the capital influx.
Thumbtack has secured more than $392m in funding to date. CapitalG, the growth equity arm of Alphabet then known as Google Capital, took part in a $125m series E round for the company in 2015 that was led by asset manager Baillie Gifford and backed by Tiger Global Management and Sequoia Capital.
CapitalG had already led Thumbtack’s $100m series D round in 2014, participating alongside Sequoia Capital, Tiger Global and Javelin Venture Partners. The latter three were all existing investors, and the company’s earlier backers also include Draper Associates, MHS Capital and assorted private investors.
