Houzz, the platform valued at \(4 billion where people plan and find help to complete home design projects, has acquired IvyMark, a set of business management tools and community platform for interior designers and home design firms. The financial terms of the deal have not been disclosed, but sources close to the matter suggest that Houzz is paying between \)30 million and $40 million for the startup.
This acquisition marks a strong exit for IvyMark, which had raised just under $3 million from Israeli VC Pitango, Facebook’s David Marcus, and others. IvyMark primarily serves designers in the US but was founded in Tel Aviv and has offices nearby Houzz’s R&D facilities in the city.
Houzz’s co-founder and president Alon Cohen stated that the aim is to expand its touchpoints with interior designers and related firms, providing more services for them within their freemium model. The company already hosts 200,000 designers on a global scale.
IvyMark was founded by Alex Schinasi and Lee Rotenberg in 2016, currently signing up over 2,400 design firms. With the acquisition, Houzz will likely significantly grow its user base.
Houzz’s goal is to help designers shift time spent on business-related tasks such as invoicing, giving them more opportunities for creative pursuits. The move signifies an interesting development in how Houzz plans to expand its community and marketplace platform within the world of home improvement and design. It already has a significant user base with 1.5 million professionals across over 65 categories registered on the site.
Houzz’s CEO, Alon Cohen, did not comment on whether it planned to extend IvyMark’s business management tools to other types of users engaging on Houzz but hinted that this is a likely direction for the company.
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