Thumbtack Announces $75 Million in Financing from Silicon Valley Bank and Hercules Capital
Thumbtack, a technology company in the home services industry, has secured $75 million in financing from Silicon Valley Bank and Hercules Capital, Inc. (NYSE: HTGC). This comes after Thumbtack's best fiscal year, surpassing $300 million in revenue and achieving EBITDA profitability in 2023. The company's home segment revenue increased 30% year-over-year, with gross profit margins exceeding 90%.
Thumbtack recently launched its biggest product update, introducing 30 new features in its app. The update provides personalized recommendations for home projects and enables instant booking across over 100 categories. This financing aims to strengthen Thumbtack's position as it works to bring the $600 billion home services industry online, which is currently less than 10% digitized.
Thumbtack, un'azienda tecnologica nel settore dei servizi domestici, ha ottenuto 75 milioni di dollari in finanziamenti da Silicon Valley Bank e Hercules Capital, Inc. (NYSE: HTGC). Questo avviene dopo il miglior anno fiscale di Thumbtack, superando 300 milioni di dollari di fatturato e raggiungendo la redditività EBITDA nel 2023. I ricavi del segmento domestico dell'azienda sono aumentati del 30% anno su anno, con margini di profitto lordo superiori al 90%.
Recentemente, Thumbtack ha lanciato il suo più grande aggiornamento di prodotto, introducendo 30 nuove funzionalità nella sua app. L'aggiornamento offre raccomandazioni personalizzate per progetti domestici e consente prenotazioni istantanee in oltre 100 categorie. Questo finanziamento mira a rafforzare la posizione di Thumbtack mentre lavora per portare il settore dei servizi domestici da 600 miliardi di dollari online, attualmente meno del 10% digitalizzato.
Thumbtack, una empresa de tecnología en la industria de servicios para el hogar, ha asegurado 75 millones de dólares en financiamiento de Silicon Valley Bank y Hercules Capital, Inc. (NYSE: HTGC). Esto se produce tras el mejor año fiscal de Thumbtack, superando 300 millones de dólares en ingresos y logrando rentabilidad EBITDA en 2023. Los ingresos del segmento doméstico de la empresa aumentaron un 30% interanual, con márgenes de ganancia bruta superiores al 90%.
Thumbtack lanzó recientemente su mayora actualización de producto, introduciendo 30 nuevas funciones en su aplicación. La actualización proporciona recomendaciones personalizadas para proyectos en el hogar y permite reservas instantáneas en más de 100 categorías. Este financiamiento tiene como objetivo fortalecer la posición de Thumbtack mientras trabaja para llevar la industria de servicios para el hogar de 600 mil millones de dólares en línea, que actualmente está menos del 10% digitalizada.
Thumbtack은 홈 서비스 산업의 기술 회사로, Silicon Valley Bank와 Hercules Capital, Inc. (NYSE: HTGC)로부터 7500만 달러의 자금을 확보했습니다. 이는 Thumbtack의 최고의 회계 연도 후에 발생한 일로, 3억 달러 이상의 수익을 초과하고 2023년에 EBITDA 수익성을 달성하였습니다. 회사의 홈 부문 수익은 전년 대비 30% 증가했습니다, 총 이익률이 90%를 초과합니다.
Thumbtack은 최근 가장 큰 제품 업데이트를 출시하며 앱에 30개의 새로운 기능을 도입했습니다. 이번 업데이트는 홈 프로젝트에 대한 개인화된 추천을 제공하고 100개 이상의 카테고리에서 즉각 예약을 가능하게 합니다. 이 자금 조달은 Thumbtack이 현재 10% 미만이 디지털화된 6000억 달러 규모의 홈 서비스 산업을 온라인으로 전환하기 위해 노력하는 동안 회사의 입지를 강화하는 것을 목표로 하고 있습니다.
Thumbtack, une entreprise technologique dans le secteur des services à domicile, a obtenu 75 millions de dollars de financement de Silicon Valley Bank et Hercules Capital, Inc. (NYSE: HTGC). Cela survient après la meilleure année fiscale de Thumbtack, dépassant 300 millions de dollars de chiffre d'affaires et atteignant la rentabilité EBITDA en 2023. Le chiffre d'affaires du segment domestique de l'entreprise a augmenté de 30 % d'une année sur l'autre, avec des marges bénéficiaires brutes supérieures à 90 %.
Récemment, Thumbtack a lancé sa plus grande mise à jour de produit, introduisant 30 nouvelles fonctionnalités dans son application. La mise à jour fournit des recommandations personnalisées pour les projets domestiques et permet une réservation instantanée dans plus de 100 catégories. Ce financement vise à renforcer la position de Thumbtack alors que l'entreprise s'efforce de mettre l'industrie des services à domicile de 600 milliards de dollars en ligne, qui est actuellement numérisée à moins de 10 %.
Thumbtack, ein Technologieunternehmen in der Branche der Haussdienstleistungen, hat 75 Millionen Dollar an Finanzierung von der Silicon Valley Bank und Hercules Capital, Inc. (NYSE: HTGC) gesichert. Dies geschieht nach dem besten Geschäftsjahr von Thumbtack, das 300 Millionen Dollar Umsatz übersteigt und 2023 EBITDA-Rentabilität erreicht. Der Umsatz des Unternehmens im Heimsegment stieg um 30 % im Vergleich zum Vorjahr, mit Bruttogewinnmargen von über 90%.
Thumbtack hat kürzlich sein größtes Produktupdate veröffentlicht und 30 neue Funktionen in seiner App eingeführt. Das Update bietet personalisierte Empfehlungen für Heimprojekte und ermöglicht sofortige Buchungen in über 100 Kategorien. Diese Finanzierung zielt darauf ab, die Position von Thumbtack zu stärken, während das Unternehmen daran arbeitet, die 600-Milliarden-Dollar-Haussdienstleistungsindustrie online zu bringen, von der derzeit weniger als 10% digitalisiert sind.
- Secured $75 million in financing from Silicon Valley Bank and Hercules Capital
- Surpassed $300 million in revenue in 2023
- Achieved EBITDA profitability in 2023
- Home segment revenue increased 30% year-over-year
- Gross profit margins exceeded 90% in the home segment
- Launched major product update with 30 new features
- None.
Insights
Thumbtack's recent
Key financial highlights include:
- Revenue surpassing
$300 million in 2023 - Achieved EBITDA profitability
30% year-over-year increase in home segment revenue- Gross profit margins exceeding
90%
These figures demonstrate Thumbtack's robust business model and its ability to generate substantial profits. The high gross profit margin is particularly impressive, indicating strong pricing power and efficient operations. The company's focus on the home services sector, which is still largely offline (
The debt financing, as opposed to equity, suggests that Thumbtack is confident in its ability to generate cash flows to service the debt. This approach also minimizes dilution for existing shareholders, which is a positive sign for potential investors. However, it's important to monitor how this additional debt impacts the company's balance sheet and financial flexibility going forward.
Thumbtack's recent product update, described as the "biggest in the company's history," is a game-changer in the home services industry. The launch of 30 new features in their app demonstrates a commitment to innovation and user experience enhancement. Here's why this is significant:
- Personalization: The app now offers tailored recommendations based on homeowners' specific needs, locations and goals. This level of customization can significantly improve user engagement and retention.
- Instant Book: The ecommerce engine allowing users to confirm projects instantly across over 100 categories is a major differentiator. This feature addresses the common pain point of project procrastination and streamlines the booking process.
- Comprehensive Coverage: With categories ranging from roofing to home organizing, Thumbtack is positioning itself as a one-stop solution for all home service needs.
The technology behind these features, particularly the AI-driven personalization and the Instant Book system, puts Thumbtack at the forefront of the industry's digital transformation. By reducing friction in the hiring process and providing a more intuitive user experience, Thumbtack is well-positioned to capture a larger share of the market as it moves online.
However, the success of these technological advancements will ultimately depend on user adoption and the ability of the platform to consistently deliver high-quality service providers. The company should focus on refining its algorithms and ensuring a seamless integration of these new features to maintain its competitive edge.
Continues strong momentum following biggest product update in history and best year on record
The new financing comes on the heels of Thumbtack’s best fiscal year to date. In 2023, the company surpassed
“We are one of the fastest growing players in the enormous home services industry, which remains less than
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
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
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
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Media Contact
Gina Balistreri
press@thumbtack.com
Source: Thumbtack
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