Thumbtack operates a two-sided marketplace and Instant Book ecommerce engine that lets homeowners confirm projects in seconds across more than 100 categories. The company launched a major app update with 30 new features that provides personalized recommendations on projects and who to hire. Thumbtack serves millions of homeowners and a community of roughly 300,000 local service businesses, with over 10 million 5-star projects completed. In 2023 the company surpassed $300 million in revenue and achieved EBITDA profitability, and its home segment revenue grew 30% year over year with gross profit margins above 90%. Thumbtack says it is focused on bringing the $600 billion home services industry more fully online and becoming the go-to partner for homeowners across the U.S. Thumbtack offers a mobile-first platform that helps homeowners manage their homes and instantly book skilled professionals such as plumbers, painters, landscapers, and contractors. The company has introduced instant booking features and a differentiated matching experience to drive adoption. Thumbtack says it has grown revenue more than 50% in the last 12 months and is on track to generate more than $2 billion in revenue for local service providers this year. Nearly 90% of customers receive a response from a service provider they choose. Today Thumbtack operates in every county across the U.S., serving millions of homeowners and hundreds of thousands of service professionals. The company plans to use new funding to accelerate innovation, fuel growth, and drive continued adoption as it pursues a path to becoming a public company. Thumbtack is a local services marketplace that connects consumers with local professionals for jobs like carpentry, wedding planning and house cleaning. The company began as a simple posting-and-quote marketplace but the model did not scale, so Thumbtack paused growth and rebuilt its product. It rewrote its backend, launched a new front end, and pivoted to a new business model that effectively created a new product. Thumbtack now automatically generates quotes based on needs and location, delivering quotes in minutes. Professionals are charged a small fee when customers contact them after a quote rather than per quote. According to the CEO, growth has reaccelerated and the new funding provides runway to focus on attracting service providers and expanding the platform. Thumbtack operates a marketplace where customers describe projects and the platform sends that information to professionals who decide whether to bid, capping applicants at five and targeting a 24-hour response window. The company shifted through transaction and subscription experiments to an intro-based model that emphasizes flexibility and profitable returns for pros. Thumbtack handles more than five million project requests annually across over 1,000 categories and operates in all 50 states. It has over 200,000 unique paying professionals on the platform and generates $1 billion in revenue for independent small businesses each year. The company says it now has more paying pros than Angie’s List and Yelp combined and sees the U.S. local services market as a $700 billion opportunity. Thumbtack plans to use new funding to broaden the scope of its AI, including new administrative tasks, as it scales. Thumbtack operates an online marketplace that helps consumers describe work they need and sources local service providers (painters, photographers, plumbers, tutors, therapists, etc.) who can bid on jobs. Users submit a summary of the required work; Thumbtack analyzes the request and matches it to relevant local professionals who then provide bids. The company monetizes by charging service providers a small fee for each bid. Thumbtack does not currently process payments on the platform, though the team says payment processing is a problem they plan to solve later. The business routes more than $1 billion worth of jobs through its system each year and supports tens of thousands of professionals; it employs more than 600 full-time staff across offices in San Francisco, Salt Lake City, and the Philippines. Management plans to expand categories over time but is currently supply-constrained and aims to become a broad "Amazon for services."

Total raised

$773M

Funding rounds

9

Latest round

Debt Financing

Latest activity

Jul 2024