Thumbtack Announces $75 Million in Financing from Silicon Valley Bank and Hercules Capital
2024年8月1日 - 12:00AM
ビジネスワイヤ(英語)
Continues strong momentum following biggest
product update in history and best year on record
Thumbtack, the technology company helping millions of people
confidently care for and improve their homes, today announced $75
million in financing from Silicon Valley Bank (SVB), a division of
First Citizens Bank, and Hercules Capital, Inc. (NYSE: HTGC). The
debt facility provides access to efficient capital and liquidity
for Thumbtack as it continues to bring the $600 billion home
services industry online.
The new financing comes on the heels of Thumbtack’s best fiscal
year to date. In 2023, the company surpassed $300 million in
revenue and achieved EBITDA profitability. Thumbtack’s home segment
revenue increased 30% year over year, with gross profit margins in
excess of 90 percent. This momentum was driven by its robust
two-sided marketplace and best-in-class fulfillment
capabilities.
“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,” said Larry Roseman, Chief Financial Officer of
Thumbtack. “This financing with our long-term partners at SVB and
Hercules strengthens our balance sheet for the next chapter as we
become the go-to partner for homeowners all across the U.S.”
Earlier this year, Thumbtack launched the biggest product update
in the company’s history, which included 30 new features. The new
app provides homeowners with personalized recommendations on what
projects to do, when to do them, and who to hire based on their
home, location, and goals. Everything is built on top of
Thumbtack’s Instant Book ecommerce engine, which enables homeowners
to confirm projects in seconds across more than 100 categories
including roofing, electrical, landscaping, and home organizing,
helping homeowners move past procrastination and get more done.
“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,” said Derek Becker, Director with SVB’s Corporate
Banking Consumer Internet Group. “With this new financing,
Thumbtack will be able to further innovate and grow its marketplace
that supports hundreds of thousands of small businesses and
millions of homeowners each year.”
“Hercules Capital is very excited to continue our long-term
partnership with Thumbtack and support its next phase of growth,”
said Greg Peterson, Managing Director at Hercules Capital. “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.”
About Thumbtack
We’re Thumbtack, a technology company helping millions of people
confidently care for and improve their homes. Our homeowners get
personalized guidance on what to do and when to do it as well as
who to hire from our growing community of 300,000 local service
businesses. Every day in every county of the U.S., people turn to
Thumbtack to complete small fixes, routine maintenance, and major
improvements. With over 10 million 5-star projects and counting, we
empower homeowners to take control and local businesses to grow.
Accomplish more with Thumbtack.
About Hercules Capital
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences, and sustainable and renewable technology industries.
Since inception (December 2003), Hercules has committed over $20
billion to over 650 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
About Silicon Valley
Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is
the bank of some of the world’s most innovative companies and
investors. SVB provides commercial banking to companies in the
technology, life science and healthcare, private equity and venture
capital industries. SVB operates in centers of innovation
throughout the United States, serving the unique needs of its
dynamic clients with deep sector expertise, insights and
connections. SVB’s parent company, First Citizens BancShares, Inc.
(NASDAQ: FCNCA), is a top 20 U.S. financial institution with more
than $200 billion in assets. First Citizens Bank, Member FDIC.
Learn more at svb.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240731371047/en/
Media Contact Gina Balistreri press@thumbtack.com