Thumbtack, one of the first players is now known as the gig economy. Once again, Thumbtack has hit the fundraising circuit.
The online services that match customers with nearby professionals are rising to $120 million in Series H shares. According to a Delaware stock authorization filing is still uncovered by the Prime Unicorn Index. Thumbtack did not respond to a request for comment.
At more than ten years old, the business has previously raised nearly $300 million in a combination of debt and equity funding. The upcoming round comes at a low valuation to its Series G funding of $125 million in 2015. Thumbtack takes the funding values to $1.3 billion. According to PitchBook, Scottish asset manager Baillie Gifford led that round, which increased its valuation roughly 60% from $804 million.
As Thumbtack has worked on its way by using the fundraising alphabet, the business has sought acquisition offers – stated by TechCrunch. Before filing to raise another nine-digit round, we have heard Thumbtack was exploring M&A opportunities with competing and equivalent organizations.
Raising venture capital at a flat valuation is a sign a company’s investors are dubious of the business’s prospect. Thumbtack is not yet preparing for an initial public offering. Probably, an acquisition deal fell through, and Thumbtack turns back to its investors for a capital infusion in terms of necessity.
Thumbtack has been invented by Marco Zappacosta, whose parents were the founders of the Logitech Company. Thumbtack helps professionals to find work close by, from home maintenance to gardening to DJing a party. The business has been supported by investment firms like CapitalG, Sequoia Capital and Draper Associates, as well as individual investors named Scott Banister, Cyan Banister and Jason Calacanis, among others.