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- Thumbtack Secures $75M Financing to Advance Home Services Platform
Thumbtack Secures $75M Financing to Advance Home Services Platform
Slice of Real Estate Team
August 08, 2024
Key Highlights:
$75M financing from Silicon Valley Bank and Hercules Capital.
Thumbtack's best fiscal year with $300M revenue and EBITDA profitability in 2023.
30% increase in home segment revenue and gross profit margins over 90%.
New all-in-one app with 30 new features for personalized home project recommendations.
Supporting over 300,000 local service businesses and millions of homeowners.
Source (Business Wire)
Notable Quotes:
“We are one of the fastest growing players in the enormous home services industry, which remains less than 10% online. And there is even more opportunity ahead as we fundamentally change how people manage their homes.”
“We’re proud to have worked with Thumbtack over the years as they’ve built a scalable business model that positions the company for success as they work to consolidate and bring the home services industry online.”
“Through the launch of the all-in-one app and other product enhancements, we believe that Thumbtack’s platform is uniquely positioned to continue to gain share in the Home Services market.”
Our Take:
Thumbtack's recent $75 million financing round underscores its solid financial performance and strategic positioning within the home services market. The company’s remarkable growth trajectory, marked by surpassing $300 million in revenue and achieving profitability, highlights its robust business model and effective marketplace. With the introduction of its comprehensive new app and significant product enhancements, Thumbtack is set to further capitalize on the vast opportunities in the $600 billion home services industry. This strategic infusion of capital from Silicon Valley Bank and Hercules Capital will undoubtedly support Thumbtack in scaling its operations, driving innovation, and reinforcing its position as a market leader.