Total amount raised
$325 Millions
Latest funding date
November, 2018
Location
ServiceTitan has successfully raised significant capital through multiple funding rounds, with its latest being a Series H. The company has attracted a diverse group of investors, including notable names like Coatue and TPG.
Keep reading to explore the intricacies of ServiceTitan's fundraising journey and the investors backing this innovative platform.
What Is ServiceTitan?
ServiceTitan, founded in June 2007 by Ara Mahdessian and Vahe Kuzoyan, is headquartered in Glendale, California. The company provides software solutions for managing operations in the home service industry, including scheduling, dispatching, invoicing, and customer relationship management.
ServiceTitan's platform integrates with various systems and serves sectors such as plumbing, HVAC, electrical, and other home service businesses. The software is designed to improve productivity, customer satisfaction, and revenue growth for these businesses.
With a workforce of 1001-5000 employees, ServiceTitan continues to expand its offerings and support for home and commercial service businesses, helping them streamline operations and enhance customer experiences.
How Much Funding Has ServiceTitan Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: December 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their software platform.
- Series A
- Amount Raised: $19M
- Date: June 2015
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product features.
- Series B
- Amount Raised: $80M
- Date: March 2017
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and accelerate growth.
- Series C
- Amount Raised: $62M
- Date: March 2018
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology and expand their customer base.
- Series D
- Amount Raised: $165M
- Date: November 2018
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series E
- Amount Raised: $73.8M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business continuity and growth during the pandemic.
- Series F
- Amount Raised: $500M
- Date: March 2021
- Lead Investors: Sequoia Capital Global Equities, Tiger Global Management
- Valuation at Round: $8.3B
- Motivation Behind the Round: To fund acquisitions and expand into new markets.
- Series G
- Amount Raised: $200M
- Date: June 2021
- Lead Investors: Thoma Bravo
- Valuation at Round: $9.5B
- Motivation Behind the Round: To fuel rapid growth and enhance customer service.
- Series H
- Amount Raised: $365M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and product development.
Total Amount Raised: $1.4648B. Current Valuation: $9.5B.
Key Investors
- Thoma Bravo
- Details: Thoma Bravo is a leading private equity firm with a focus on software and technology-enabled services. The firm manages over $78 billion in assets and has acquired more than 300 companies.
- Investment Focus Areas: Software, technology-enabled services, growth-oriented companies.
- Notable Investments: SolarWinds, McAfee, Dynatrace.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. The firm has a strong track record of backing high-growth companies.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. The firm has a history of supporting innovative startups.
- Investment Focus Areas: Enterprise, consumer, healthcare.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in technology-driven companies. The firm focuses on supporting companies through their growth stages.
- Investment Focus Areas: Technology, growth-stage companies.
- Notable Investments: Snowflake, Uber, Zoom.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that has backed some of the most successful technology companies in the world. The firm focuses on early and growth-stage investments.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, WhatsApp.
What's Next for ServiceTitan?
ServiceTitan's future looks promising with its recent $200 million Series G funding and the acquisition of Aspire Software. This move opens up significant opportunities in the commercial landscaping sector, a market valued at over $100 billion in the US alone. The company is poised to leverage Aspire's expertise to capture a larger share of the $1 trillion global trades industry.
Future fundraising rounds seem likely as ServiceTitan continues to expand its service offerings and market reach. However, integrating acquired companies and maintaining high customer satisfaction will be critical challenges. As the company scales, staying ahead of competitors in the rapidly evolving software landscape will also be essential.
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