ServiceTitan Raises $62 Million in Series C Funding Round Led by Battery Ventures
L.A.-Area Company Provides Critical Technology to Home-Service Firms Like Plumbers and HVAC Contractors; Funds to Drive Product Enhancements, Customer Service
GLENDALE, Calif., March 23, 2018-- ServiceTitan, the leading 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, with Hive Ventures joining as well. 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 state-of-the-art software platform that allows home-service businesses to effortlessly 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 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," says 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."
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. ServiceTitan was their answer.
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.
Now ServiceTitan has more than two thousand 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 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."
ServiceTitan is a mobile, cloud-based software platform that helps home service companies streamline operations, improve customer service, and grow their business. ServiceTitan's end-to-end solution for the multi-billion-dollar residential home services industry includes CRM, intelligent dispatch, comprehensive reporting, marketing management tools, mobile solution for field techs, and QuickBooks integration. ServiceTitan brings a fully operational modern SaaS infrastructure to an industry traditionally underserved by software. ServiceTitan is the preferred software for hundreds of the world's most successful plumbing, HVAC, and electrical companies. For more information about ServiceTitan, visit ServiceTitan.com or connect via LinkedIn, Facebook, YouTube and Twitter.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, Tel Aviv and London. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
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