Popular home services provider Thumbtack announced Tuesday raised $275 million in fresh funding from Qatar Investment Authority, Blackstone Alternative Asset Management and G Squared. Previous backers including Sequoia Capital and Tiger Global Management also participated.
This funding brings the company’s total valuation to $3.2 billion, and caps off what has been a strong year for Thumbtack. Its revenue grew by more than 50 percent in the last 12 months, and its growth revenue is on track to cross $2 billion this year, according to the company. Thumbtack CFO Larry Roseman said in the statement that the money will be used to “double down” on its plans to build out its home management and maintenance business alongside its network of home service professionals, adding that the company is on the “path” to going public.
Thumbtack is also hiring, with more than 50 open tech positions that are all remote friendly. The company is headquartered in San Francisco, and has offices in Ontario and the Philippines.
For more than a decade, Thumbtack has been a go-to place for finding professionals like plumbers, painters and landscapers in a pinch. Its platform offers more than a thousand different services, from home maintenance, to tutoring, to DJs — connecting millions of people to millions more pros around the country. Now, the company is working to bring the $500 billion home services market “into the 21st century,” as co-founder and CEO Marco Zappacosta puts it, with a subscribable service that connects homeowners to local professionals instantly.
To make this vision a reality, the company started with a revamp of its website back in 2019, making it easier for homeowners to find the professionals they needed at the right price, and then acquired home management startup Setter last December. It now allows users to instantly book skilled professionals to do services like emergency repairs and preventative maintenance, helping to ensure that they get the services they need long term.
Basically, Thumbtack is trying to dominate a sector that Zappacosta says is still in its “digital infancy.” Here at Built In, we’ve covered lots of startups people can turn to to buy and sell a home — Orchard, Zillow, Knock — but not very many that help people maintain their home while they’re living in it. Of course, there are other home services platforms like TaskRabbit and Porch, but Thumbtack aims to be something more than that: a “modern home management platform.”
“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,” Zappacosta said in a recent blog post. “Our vision for the future is to be the only platform homeowners need to fix, maintain and improve their homes.”
