Lachy Groom to Invest Up to $20 Million in Pronto, Doubling Its Valuation
Tech investor Lachy Groom in talks to back Pronto; valuation to double
The Economic TimesImage: The Economic Times
US tech investor Lachy Groom is negotiating to invest $15-20 million in instant househelp startup Pronto, potentially doubling its valuation to $200 million. This investment comes as the instant house help sector experiences rapid growth, with Pronto outperforming competitors in app downloads.
- 01Lachy Groom plans to invest $15-20 million in Pronto.
- 02Pronto's valuation could reach $200 million, doubling from its last raise.
- 03The startup raised $25 million at a $100 million valuation in March 2023.
- 04Pronto outperformed competitors in app downloads in March.
- 05The instant house help sector is attracting significant investment.
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Lachy Groom, a US-based tech investor known for his investments in crypto and software, is in discussions to invest between $15 million and $20 million in the instant househelp startup Pronto. This funding round could elevate Pronto's valuation to $200 million, a significant increase from its previous valuation of $100 million after raising $25 million in March 2023. This new capital influx comes at a time when the instant house help sector is gaining momentum, attracting substantial risk capital due to its rapid growth. Notably, Pronto has shown impressive performance compared to its rivals, such as Urban Company and Snabbit, with a 43% share in app downloads in March, outperforming Urban Company at 31% and Snabbit at 26%. The interest in Pronto reflects the increasing investor confidence in the instant help services industry, as highlighted by a recent Morgan Stanley report.
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This investment could enhance Pronto's service offerings and market presence, potentially leading to more job opportunities in the instant househelp sector.
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