Houzz, an online platform for home remodeling and design services, is close to finalizing a new $400 million round of funding that values the company at around $4 billion, according to a company spokesperson. The filings were uncovered by Equidate, a platform for trading stock in private companies.
Fortune first reported that Houzz was raising a large new round of funding in April. At the time, the company had been talking to investors about raising as much as $500 million at a valuation that could top $5 billion.
A Houzz spokesperson would not elaborate on the source of the funding.
In this round, Houzz’s share price increases from $7.49 per share to $11.28 per share. Extrapolating that price from Houzz’s $2.3 billion valuation (excluding the capital raised) gives the company a valuation between $3.8 billion and $3.9 billion. Assuming the company will increase its employee option pool with this round brings the company’s approximate valuation to $4 billion, not counting the capital raised, according to an analysis from Equidate.
Founded in 2009 by Adi Tatarko and Alon Cohen, Houzz has raised $213 million in funding prior to this new round. The Palo Alto-based company’s latest round, a $165 million Series D in late 2014 led by Sequoia Capital, valued it at $2.3 billion.