Thumbtack is coming for your home
Thumbtack, the now “modern home management platform,” has secured a $275 million investment at a valuation of $3.2 billion. The round was led by Qatar Investment Authority and joined by Blackstone Alternative Asset Management as well as G Squared. Prior investors Baillie Gifford, CapitalG, Founders Circle Capital, Sequoia Capital, and Tiger Global Management also participated. The new funding will be used to accelerate innovation, fuel the company’s growth, and drive continued adoption.
Founded in 2008, Thumbtack used to an online marketplace that connects people with local professionals for their projects. I for one found my wedding photographer via the site. With this latest funding, the company is announcing that it is building the only platform homeowners need to manage their most valuable asset. “Managing our most valuable asset — our home — with confidence requires knowing what projects to do, when to do them and who to hire. Thumbtack is in a unique position to help. Over the last decade, we have made it possible to instantly find and hire the right local professionals — folks who are qualified, interested and available. Now, our vision for the future is to be the only platform homeowners need to fix, maintain and improve their homes.”
In the last 12 months, Thumbtack has grown revenue more than 50% and is on track to generate more than $2 billion in revenue for local service providers this year.
“We want instant, on demand everything, but when it comes to fixing, maintaining and improving our homes that experience doesn’t exist. Thumbtack has an incredible opportunity to bring the $500 billion 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.” – cofounder and CEO Marco Zappacosta.
“Thumbtack has built an e-commerce experience for local services. Our instant results and differentiated matching experience make Thumbtack the best place to find and hire a pro who is qualified, interested and available — with nearly 90% of customers receiving a response from a service provider that they choose. As we double down on home services, we have many opportunities to invest and create value on our path to becoming a public company.” – Thumbtack CFO Larry Roseman.
