- General
- November 14, 2018
- 6 minutes read
ServiceTitan secures $165 million Series D round at $1.65 billion valuation
image : ServiceTitan ServiceTitan, a Los Angeles based home service business software provider has raised $165 million in a round…
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| image : ServiceTitan |
ServiceTitan, a Los Angeles based home service business software provider has raised $165 million in a round led by Index Ventures with participation from new investors T. Rowe Price and Dragoneer and existing investors Bessemer Venture Partners, ICONIQ Capital and Battery Ventures. This round values the company at $1.65 billion post-money marking a new entry into the unicorn club.
Founded in 2008, ServiceTitan has grown from 25 employees in 2014 and a $100 million valuation in 2015 to now this and says it’s on track to double subscription revenue this year which would mark its fifth year of consistently doing so.
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| A ServiceTitan product being used on an iPad
image : ServiceTitan
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It’s current 2,500+ customers represent nearly 50,000 technicians on the road who execute roughly $10 billion worth of annual transactions across various home services verticals. ServiceTitan says these numbers are on pace to double the next year and also states of it’s customers having serviced nearly 20% of homes across the US and Canada since the 2013 launch of its platform.
It’ll use this additional capital to serve even more home service businesses and also deliver greater value to its customers through additional products as per its statement.
“The ServiceTitan mission has always been personal to us,” ServiceTitan CEO Ara Mahdessian said. ”Our software powers the tireless men and women of home services who ensure the world has the basic necessities of life: running water, relief from the scorching heat and biting cold, power and electricity, and more. We take it for granted today, until our toilets back up, our air conditioning goes out during the heat of summer, or our lights go out in the middle of the night. These are the heroes that come to our rescue, and we’re here to help them be more efficient and successful.”
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| The U.S. Home Services Industry is estimated to be worth $400 billion by American home services directory Angie’s List, Others put it at $800 billion. |
“ServiceTitan is the operating system for home services,” The company’s co-founder and President Vahe Kuzoyan also added. “Our software helps our customers with nearly every workflow in their business, including CRM, scheduling, dispatch, mobile invoicing, payments, inventory, and more. We’re now integrating with large partners to enable the future of home services, including real-time appointment booking integrations with partners like Yelp and others, as well as supply-chain integration with partners like Lennox and others.”
In recent times, ServiceTitan has added a roster of executives to its team to build out its future in the home services industry. Executives have come from the likes of Adobe, Google, Accel and Netflix while the company also hires top talent particularly across Product and Engineering amid a current team of 600 employees.
