Home development and design platform Houzz could open its doors to investors in 2023. If you’ve never heard of Houzz before, it’s a popular online community connecting home owners to a variety of design and construction professionals.
At the moment Houzz is a private company, but like many other US-based startups it has been planning to list its stock since last year. The Palo Alto-based company experienced rapid growth during the Covid pandemic when many home owners decided to renovate their houses.
In 2021 Houzz hired Goldman Sachs to prepare for an initial public offering. It has raised up to $650 million up-to-date.
|Headquarters||Palo Alto, California, United States|
|Number of employees||1,200|
|Revenue 2021||$340 million|
|Potential Valuation||$4 billion|
Houzz was founded in 2009 by married couple Adi Tatarko and Alon Cohen, who decided to launch a website to help home owners find ideas for remodelling their properties. As their business grew, the power couple also started selling project management software to home professionals. Today Cohen and Tatarko own about a quarter of the company, which has 1,200 employees and has attracted 65 million users over its lifetime.
The Houzz online platform makes money via subscriptions, referrals, foreign exchange, and late payment fees, as well as interest.
Last year, Houzz trimmed 8% of its total global workforce, affected by the macroeconomic conditions in the home improvement and interior design industry.
Investors have been waiting for some years for Houzz to launch an Initial Public Offering. There has been no official announcement yet about a 2023 IPO date. We will be following Houzz announcements closely and we will update you as soon as an official IPO announcement has been made. The company has landed a $4 billion valuation.
An Initial Public Offering (IPO) is an investor’s first chance to gain exposure to an organisation. An IPO is an important milestone for a company looking to raise capital and an opportunity for investors to get involved in a hopefully growing business.
With Axi you can get exposure to Houzz IPO as soon as it’s listed on a specific exchange and prices from the exchange become available to our liquidity providers.
Sources: Reuters, Bloomberg
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