Google Capital leads $100 mln round for Thumbtack

San Francisco-based consumer service Thumbtack said Wednesday that it has raised $100 million in funding. Google Capital led the round with participation from return backers Tiger Global Management, Sequoia Capital and Javelin Venture Partners.

PRESS RELEASE

SAN FRANCISCO, Aug. 20, 2014 /PRNewswire/ — Thumbtack (http://www.thumbtack.com/), a consumer service that helps people accomplish the personal projects that are central to their lives, announced today that Google Capital is leading a $100 million round of funding in the company, with past investors Tiger Global Management, Sequoia Capital, and Javelin Venture Partners all participating as well. Thumbtack has received a total of $150 million of funding to date.

Launched in December 2009, Thumbtack helps customers with 3+ million projects per year by introducing them to available and qualified professionals within hours. Operating in more than 700 categories and all 50 U.S. states, Thumbtack has seen 300% growth in projects over the past year. The company sends an estimated $1.8 billion worth of business annually to more than 75,000 paying professionals. Customers get started by answering specific questions to communicate their individual needs. Within hours, Thumbtack introduces customers to several available and qualified professionals. Customers hire professionals after comparing custom quotes, reviews, business profiles and, if necessary, calling or meeting with the professionals to discuss their work.

“First and foremost, Thumbtack is a great product. As a consumer, it’s the best product I’ve ever used to hire local professionals. The bigger story, however, is the potential for small businesses: Thumbtack has a real opportunity to transform how local professionals find new customers,” said David Lawee, General Partner at Google Capital. “The Thumbtack team is highly impressive and the opportunity in front of them is enormous. We’re excited to be a part of it.”

In May of this year, Thumbtack announced a $30 million round of Series C financing co-led by early investor Sequoia Capital and Tiger Global Management. Thumbtack will use those funds, as well as the additional funds, to significantly grow the business, launch nationwide marketing campaigns and scale the engineering team in order to accelerate investments in our product and infrastructure.

“We were already a strong and well capitalized business, but David and Google Capital offer something truly special, and we couldn’t pass up the opportunity to work with them,” said Thumbtack CEO Marco Zappacosta. “David brings years of experience working to help small businesses market themselves online, and the Google Capital financing and partnership allows us to think even bigger and further expand our business.”

About Thumbtack
Headquartered in San Francisco, Thumbtack (http://www.thumbtack.com/) is a consumer service that helps millions of people accomplish the personal projects that are central to their lives. Thumbtack introduces customers to experienced professionals who are available, interested and qualified to meet their specific needs. Whether looking for a painter for their home, a math tutor for their child, or a DJ for their wedding, Thumbtack provides anyone in the U.S. with an easy and dependable way to get started, compare options, and hire with confidence. The company has raised a total of $150 million from Sequoia Capital, Tiger Global Management, Javelin Venture Partners, and Google Capital.

Thumbtack is helping customers across a wide range of geographies, project types and price points, from $50,000 kitchen remodels in St. Louis to $200 magicians for birthday parties in Phoenix. The average project on Thumbtack is $600.

About Google Capital
Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology and product leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Google Capital’s investments to date include SurveyMonkey, Lending Club, and Credit Karma. (www.googlecapital.com)

 

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