New Funding Will Accelerate Growth, Innovation, and Adoption of Thumbtack’s Modern Home Management Platform
SAN FRANCISCO, Jun 15, 2021--(BUSINESS WIRE)--Thumbtack, the modern home management platform, today announced it has secured a $275 million investment at a valuation of $3.2 billion. The round was led by Qatar Investment Authority (QIA) and joined by Blackstone Alternative Asset Management (BAAM) 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.
The modern home is more connected, but home services remains one of the largest markets still in the early stages of moving to digital. Thumbtack is building the only platform homeowners need to manage their most valuable asset — so that they know what to do, when to do it, and who to hire. For Thumbtack, helping homeowners instantly book the right skilled professionals from plumbers and painters to landscapers and contractors is not just a one-time event, but the beginning of a long-term relationship.
"We want instant, on demand everything, but when it comes to fixing, maintaining and improving our homes that experience doesn’t exist," said co-founder and CEO Marco Zappacosta. "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."
By empowering homeowners to instantly and confidently hire the right skilled professionals to fix, maintain, and improve their homes, Thumbtack aims to make homeownership simpler, less stressful and more gratifying. On the heels of building a platform designed for mobile and introducing new instant booking features, the company’s growth has accelerated. In the last 12 months, Thumbtack has grown revenue more than 50 percent and is on track to generate more than $2 billion in revenue for local service providers this year.
"Thumbtack has built an e-commerce experience for local services," said Chief Financial Officer Larry Roseman. "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."
Today, Thumbtack operates in every county across the U.S., helping millions of Americans get more done and hundreds of thousands of service professionals build sustainable businesses. To learn more, visit: www.thumbtack.com.
Thumbtack is a technology leader building the modern home management platform. Through the Thumbtack app, homeowners can effortlessly manage their homes — confidently knowing what to do, when to do it, and who to hire. Bringing the $500 billion home services industry online, Thumbtack empowers millions of homeowners to fix, maintain, and improve their most valuable asset. The company is backed by Sequoia Capital, Tiger Global Management, Javelin Venture Partners, Baillie Gifford, and CapitalG, among others.
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