ServiceTitan Raises $62 Million in Series C Funding Round Led by Battery Ventures
Los Angeles-area company provides product enhancement, customer service technologies for home-service firms
GLENDALE, Calif. — ServiceTitan, a provider of workflow and field service management software for home-service businesses, including residential plumbing, HVAC, electrical service providers, and garage door installers, 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 along with Hive Ventures. As part of the transaction, Michael Brown, partner, Battery General, will join ServiceTitan’s board.
“We’re thrilled to deepen our partnership with Battery, which has decades of experience in specialized software markets,” said Ara Mahdessian, cofounder and CEO of ServiceTitan.
ServiceTitan provides a state-of-the-art software platform that allows home-service businesses to manage and streamline their operations, improve customer service, and grow their businesses. The company intends to use the capital to bring new features to its platform, deepen its investment in its industry-leading 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 Vahe Kuzoyan, president and cofounder, ServiceTitan.
"In a single year, we have doubled our customer base and grown a customer success infrastructure,” 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.”
ServiceTitan was founded in 2012 by Mahdessian and Kuzoyan, both sons of tradesmen who discovered their fathers' professions were vastly underserved by the types of digital tools that were disrupting numerous other industries.
The company’s end-to-end solution includes customer relationship management (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.
Now, ServiceTitan has more than 2,000 customers and roughly 400 employees. Last year, Entrepreneur magazine named Ara Mahdessian an Entrepreneur Of The Year 2017 Award finalist. In September, ServiceTitan was named as one of Forbes’ Next Billion-Dollar Startups of 2017.
“ServiceTitan’s incredibly fast growth is a testament to the brisk demand for new mobile and cloud-based technology that is purpose-built for tradesmen and tradeswomen in our workforce,” said 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."
For more information, visit www.servicetitan.com.
Publication date: 04/02/18