ServiceTitan Raises $62 Million in Series C Funding Round Led by Battery Ventures
ServiceTitan has raised $62 million in Series C funding in a round led by Battery Ventures. Existing investors Bessemer Venture Partners and ICONIQ Capital also participated in the financing. As part of the transaction, Battery General Partner Michael Brown will join ServiceTitan’s board.
“We’re thrilled to deepen our partnership with Battery, who have decades of experience in specialized software markets,” said Ara Mahdessian, co-founder and CEO of ServiceTitan.
ServiceTitan provides a software platform that allows home-service businesses to manage and streamline their operations, improve customer service, and grow their business. The company intends to use the capital to bring new features to its platform, deepen its investment in its customer support, expand its offerings to more segments of the home services sector, and solidify key partnerships with wholesalers, manufacturers, and other collaborators in the industry.
"We're proud to have established partnerships with industry manufacturers and distributors like Honeywell who see the same potential in equipping tradespeople with a cutting-edge SaaS solution," said ServiceTitan president and co-founder Vahe Kuzoyan.
"In a single year, we have doubled our customer base and grown a customer success infrastructure no one else is offering the home-services industry," said Mahdessian. “We believe that an extraordinary customer experience isn't something that is built once, but is continuously examined and refined. This financing will help us stay vigilant and continue to meet the evolving needs of our customers.”
The company’s end-to-end solution includes CRM, intelligent dispatching, seamless invoice management, a cloud-based mobile app for professionals in the field, integrated marketing analytics and comprehensive reporting, all designed to meet the specific needs of home-service professionals and allow them to focus on what matters most—getting the job done.
“ServiceTitan’s incredibly fast growth is a testament to the brisk demand for new mobile and cloud-based technology that is purpose-built for the tradesmen and women in our workforce,” said Battery’s Brown. “We have confidence that Ara, Vahe, and the broader team will continue to innovate and expand ServiceTitan’s business, and empower thousands of small-business owners with sophisticated workplace technology that finally brings their industry into the 21st century."
Publication date: 3/26/2018