In June, Iconiq Capital injected $400 million into Houzz, along with Wellington Management, Sequoia Capital, GGV Capital. This global reach helps explain why investors still love the company. The company operates in the U.K., Australia, France, Germany, Japan, India, Italy, Spain, Sweden and Denmark. There are plenty of folks there to impress: The company says it has more than 40 million monthly unique users and 1.5 million active home-renovation and design pros using the site. Rather than view Houzz as a rival, contractors love the site because they use it to build their brands, collaborate on projects and, perhaps most importantly, connect with potential customers. (The company collects a 15 percent commission from the vendors on these sales, creating another source of income.) The company's online marketplace lets visitors buy the furniture, appliances and home accessories they see on directly from the site rather than having to switch over to the manufacturer's or retailer's site.
These folks are 11 times more likely to make a purchase and spent nearly triple the amount of time in the app. Houzz says since the app's introduction, more than 1 million people have used it. Introduced last spring, the app for iPhone and iPad users lets customers visualize more than 300,000 different products in their home in 3-D so they can see how everything looks and fits before making a purchase. And if a still photo isn't enough help, the company now has View in My Room 3D. Today, Houzz has 16 million photos of remodeling and renovation projects on its site, giving help and inspiration to anyone trying to redo a bathroom or renovate a kitchen.
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