Google Capital Leads $100 Million Investment in ThumbtackBrian Womack
Google Inc.’s late stage investment unit is leading a $100 million round in Thumbtack Inc., a local services company, less than four months after the startup announced a $30 million funding.
With the latest round, Thumbtack, whose past investors include Tiger Global Management and Sequoia Capital, has now raised $150 million, according to a statement today. San Francisco-based Thumbtack helps online users quickly find professionals in local areas for everything from home improvement to tutoring to photography.
The round is part of Google Capital’s push to boost investments this year. Before today’s announcement, Google Capital, which invests in more mature companies, participated in at least five fundings in 2014, including Renaissance Learning, real-estate marketplace Auction.com and financial-scoring service Credit Karma.
“Thumbtack has a real opportunity to transform how local professionals find new customers,” David Lawee, general partner at Google Capital, said in the statement. “The Thumbtack team is highly impressive and the opportunity in front of them is enormous.”
With the service, users request help with a project, say remodeling a home or getting a DJ for a wedding, and answer questions about what exactly they want. Within hours, professionals pay to send introductions -- and customers can then choose the best options.
Thumbtack offers more than 700 categories and has seen its growth in projects increase fourfold in the past year. The company sends an estimated $1.8 billion worth of business annually to professionals, according to the statement.
The company, which announced the $30 million round in May, is using all its funding to expand the business, including a nationwide marketing campaigns and to scale the engineering team.