On the heels of making an acquisition in December of home management startup Setter, Thumbtack — one of the pioneers in the home services gig economy — has raised a big round to double down on the model. The company has raised a fresh $275 million, money that the company plans to use to built out a home management and maintenance business alongside its network of home services professionals. Co-founder and CEO Marco Zappacosta confirmed that the round values Thumbtack at $3.2 billion.
For some context, this is nearly double the valuation Thumbtack had when it last raised money, a $150 million round led by Sequoia in 2019. It also comes on the heels of a strong 2020, where its revenue grew more than 50%. Thumbtack’s gross revenue (what’s paid in service fees, not Thumbtack’s cut) is now on track, it says, to cross $2 billion this year.
This latest funding is being led by the Qatar Investment Authority (QIA), with participation also from Blackstone Alternative Asset Management (BAAM) as well as G Squared. Previous backers Ballie Gifford, CapitalG, Founders Circle Capital, Sequoia Capital, and Tiger Global Management also invested.