Houzz may be on the cusp of a big remodeling project of its own.
The Palo Alto, Calif-based startup, which provides home owners with tips on remodeling kitchens, baths, decks and more, has reportedly snagged $150 million in fresh funding. VCExperts uncovered the series D round, which reportedly comes in at a jaw-dropping $2.3 billion valuation, according to TechCrunch.
Houzz — backed by NEA, GGV Capital and Sequoia Capital — is growing fast. The company reported more than 16 million monthly unique visitors in January, with about 35 percent of that audience coming from outside the U.S.
It last raised $35 million in series C financing in January 2013. The company isn’t commenting on the most recent funding round, discovered in Delaware corporate records. Re/Code reports that the deal has not closed, which means the amount may go even higher.
Houzz competes with Seattle-based Porch, as well as Zillow, which in early 2013 launched the home decorating site Zillow Digs.
At the time of the launch, a Houzz spokesperson called Zillow Digs a “complete knock off.”
Houzz is still far smaller than Zillow in terms of overall traffic, and market value. Zillow was valued at $4.7 billion at the close of trading today.
Nonetheless, $150 million in fresh capital is nothing to sneeze at, especially given that Houzz is so highly regarded on mobile.
The money also comes at a time when massive amounts of money are flowing into the online real estate arena, something I pointed out in a column last month. See: Is online real estate still broken? New upstarts look to carve paths against established giants.