Qatar Investment Authority (QIA) led the round and was and joined by Blackstone Alternative Asset Management (BAAM) as well as G Squared, the release stated. Prior investors Baillie Gifford, CapitalG, Founders Circle Capital, Sequoia Capital and Tiger Global Management also participated
With the new funding, the company plans to boost its innovation, grow more and drive continued adoption, according to the release.
Thumbtack’s services are intended to help people manage their homes and know what to do, when to do it, and who to hire, the release stated. The intended effect of the platform is to make home ownership less stressful and more streamlined.
“We want instant, on-demand everything, but when it comes to fixing, maintaining and improving our homes, that experience doesn’t exist,” said Thumbtack Co-Founder and CEO Marco Zappacosta in the release. “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.”
The release noted that Thumbtack has grown in the past year, seeing an increase in revenue by 50 percent and on track to hit over $2 billion in revenue for local service providers this year.
Home improvement saw an increase in activity in 2020 as people often had nowhere else to go but their homes as the virus raged.
PYMNTS reported that companies dealing in home improvement saw upticks in activity as users looked to add pools, spas, decks and more.
Outdoor projects were especially fruitful as Poolcorp, which works in pool supplies, parts and other outdoor living products, saw its stock hit an all-time high of $332.17 in August. In addition, The Home Depot and Lowe’s saw a boom in do-it-yourself projects.