Thumbtack is raising up to $120M on a flat valuation

Thumbtack, one of the first players in what is now known as the gig economy, has hit the fundraising circuit once again.

The online services marketplace that matches customers with nearby professionals is raising up to $120 million in Series H shares, according to a Delaware stock authorization filing uncovered by the Prime Unicorn Index. Thumbtack did not immediately respond to a request for comment.

At more than 10 years old, the business has previously raised nearly $300 million in a combination of debt and equity funding. The upcoming round comes at a flat valuation to its 2015 Series G funding of $125 million, which valued Thumbtack at $1.3 billion. Scottish asset manager Baillie Gifford led that round, which increased its valuation roughly 60 percent from $804 million, according to PitchBook.

As Thumbtack has worked its way through the fundraising alphabet, the business has sought acquisition offers, TechCrunch has learned. Ahead of filing to raise another 9-digit round, we’ve heard Thumbtack was exploring M&A opportunities with a competing or complimentary companies.

Raising venture capital at a flat valuation is typically a sign a company’s investors are dubious of the business’s future prospects. It’s possible an acquisition deal fell through and Thumbtack, not yet prepared for an initial public offering, turned back to its investors for a necessary capital infusion.

Founded by Marco Zappacosta, whose parents were the founders of Logitech, Thumbtack helps professionals find work close by from home maintenance, to gardening, to DJing a party. The business is supported by investment firms such as CapitalG, Sequoia Capital and Draper Associates, as well as individual investors Scott Banister, Cyan Banister and Jason Calacanis, among others.

Here’s a full look at Thumbtack’s Delaware stock authorization: