Home design platform provider Houzz has raised $400 million in another round of funding, raising its valuation to $4 billion. This news comes as several companies have completed funding rounds. The report shows the company has doubled its valuation.
The fundraising event was led by Iconiq Capital, a family-based investment firm that boasts Mark Zuckerberg as one of its client. The firm was joined by Wellington Management, GGV Capital, Sequoia Capital, and Zeev Ventures. According to Bloomberg, the startup is now one of the higher valued consumer startups.
The company has already launched a local version of its platform in 14 countries outside the United States. The marketplace of Houzz has also increased to “over 9 million products for more than 20,000 suppliers.”
Houzz is still innovating on the product side with its recent launch of a basic augmented reality app. However, with Apple’s AR Kit soon to hit the market, users can see further enhancements in the AR app, making it more robust in days to come.
Users can navigate through the appealing designs and curated photos to get the perfect experience of buying products for their home. The AR app allows users to capture the appearance of the products in a virtual world that resembles the real world.
What is more astonishing is the company has managed to attract such a heavy investment amidst other companies like Pinterest, that is worth around $12 million. This puts Houzz solidly in the consumer business competition. The recent fundraising round also gives an indication that companies with niche areas and specific verticals can go the long way.
Anirudh M. for TechFunnel.com