IvyMark, a Tel Aviv startup that provides online business-management tools and a community for interior designers, is being acquired by the home-remodeling and design platform Houzz for a reported $30 million.
That will mean a huge return for IvyMark investors, who put in just $3 million in 2016. Lee Rotenberg, who founded IvyMark in 2014 with Alexandra Schinasi, called Houzz “a natural fit for IvyMark when it comes to innovation, culture, and user base.”
Based in Palo Alto, California, Houzz was founded a decade ago by the Israeli couple Alon Cohen and Adi Tatarko, and today its platform is used by more than 1.5 million active home-renovation and design professionals worldwide to showcase their work and reach new clients.
IvyMark counts about 2,400 designs firms among clients. Houzz has 1,800 employees worldwide, but only 40 in Israel. However, the company is renting space in the Azrieli Sarona complex and plans to boost its local staff to 100.