Thumbtack, a technology company, secured $75 million in financing from Silicon Valley Bank (SVB), a division of First Citizens Bank, and Hercules Capital. The debt facility provides access to efficient capital and liquidity for Thumbtack.
“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,” Larry Roseman, chief financial officer of Thumbtack, said. “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.”
“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,” Derek Becker, director with SVB’s corporate banking consumer internet group, said. “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,” Greg Peterson, managing director at Hercules Capital, said. “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.”
