Total amount raised
$423.2 Millions
Latest funding date
7/1/2019
Location
Thumbtack has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform connects users with local service providers for various home services.
Keep reading to explore the intricacies of Thumbtack's fundraising journey and the investors backing this innovative platform.
What Is Thumbtack?
Thumbtack, founded in 2008, is based in San Francisco, California. The company connects users with local service providers for various home services, including improvement, repair, and cleaning.
Founded by Jonathan Swanson, Marco Zappacosta, and Sander Daniels, Thumbtack has grown significantly since its inception. The platform offers personalized guidance and recommendations from a community of 300,000 local service businesses.
With a workforce of 1001-5000 employees, Thumbtack continues to expand its reach, helping homeowners find reliable professionals for their home projects.
How Much Funding Has Thumbtack Raised?
- Angel Round
- Amount Raised: $1.2M
- Date: June 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and build initial traction.
- Series A
- Amount Raised: $4.5M
- Date: January 2012
- Lead Investors: Javelin Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's features.
- Series B
- Amount Raised: $12.5M
- Date: June 2013
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series C
- Amount Raised: $30M
- Date: May 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand into new markets.
- Series D
- Amount Raised: $100M
- Date: August 2014
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance service offerings.
- Series E
- Amount Raised: $125M
- Date: September 2015
- Lead Investors: Baillie Gifford
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and improve technology infrastructure.
- Series F
- Amount Raised: $150M
- Date: July 2019
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and drive user engagement.
- Series G
- Amount Raised: $275M
- Date: June 2021
- Lead Investors: Qatar Investment Authority
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enter new geographic markets.
- Debt Financing
- Amount Raised: $75M
- Date: July 2024
- Lead Investors: Hercules Capital, Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To improve the home improvement app and support growth initiatives.
Total Amount Raised: $773.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Silicon Valley Bank
- Details: Silicon Valley Bank is a high-tech commercial bank that provides various financial services to companies in the technology, life sciences, and other innovation sectors.
- Investment Focus Areas: Technology, life sciences, innovation sectors.
- Notable Investments: Thumbtack, Pinterest, Shopify.
- Hercules Capital
- Details: Hercules Capital is a specialty finance company that provides senior secured loans to venture capital-backed companies in technology, life sciences, and sustainable and renewable technology industries.
- Investment Focus Areas: Technology, life sciences, sustainable and renewable technology.
- Notable Investments: Thumbtack, 23andMe, Airbnb.
- Qatar Investment Authority
- Details: Qatar Investment Authority is a sovereign wealth fund that invests in a wide range of asset classes and sectors globally.
- Investment Focus Areas: Real estate, infrastructure, technology.
- Notable Investments: Volkswagen, Barclays, Rosneft.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that partners with founders to build enduring companies.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, WhatsApp.
- Baillie Gifford
- Details: Baillie Gifford is an investment management firm that provides investment services to institutional clients.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Tesla, Amazon, Alibaba.
What's Next for Thumbtack?
Thumbtack is poised to revolutionize the home services industry, which remains largely offline. With the launch of its comprehensive home management app, the company aims to become the go-to partner for homeowners across the U.S. This app will help users manage and prioritize home improvement projects, tapping into the growing trend of digital home management and the increasing adoption of smart home devices.
Future fundraising opportunities seem promising, given Thumbtack's recent $75 million funding round from Silicon Valley Bank and Hercules Capital. This financial backing will support the company's growth initiatives and technological advancements. However, challenges lie ahead, including convincing a traditionally offline industry to embrace digital solutions and competing with other home improvement apps. Ensuring the app's ease of use and value will be crucial for widespread adoption.
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