ServiceTitan Closes $80 Million Series B Funding Led by ICONIQ Capital
Supports expansion of ServiceTitan’s market-leading software for the home services industry
GLENDALE, Calif., March 15, 2017 — ServiceTitan, the leading provider of business management software for home service businesses, including residential plumbing, HVAC, and electrical service providers, announced it has completed an $80 million Series B funding round led by ICONIQ Capital.
ServiceTitan provides a state-of-the-art software platform that allows home service businesses of any size to effortlessly manage and streamline their operations, improve customer service and grow their business. The company’s end-to-end solution includes CRM, intelligent dispatching, seamless invoice management, integrated marketing analytics and comprehensive reporting, designed specifically to meet the needs of home service professionals and allow them to focus on what matters most — getting the job done.
“Home service providers are critically underserved when it comes to advanced technology that can dramatically improve their operations and meet the specific needs and demands of their businesses,” said Ara Mahdessian, co-founder and CEO of ServiceTitan. “With this investment, we are looking forward to further enhancing our platform and continuing to work closely with business owners and partners to deliver the very best technology that equips our clients with the necessary tools to succeed.”
Will Griffith, Partner at ICONIQ, commented: “Ara and Vahe’s unique combination of rich technological expertise, deep connections to the home services industry and unrelenting focus on customer success have empowered them to build a suite of compelling solutions that deliver significant and measurable value to customers. We are excited to partner with ServiceTitan and support this great team as they continue to achieve significant growth and strengthen their position as the leading provider of business management software to the home services
This latest funding round will enable ServiceTitan to expand and strengthen its capabilities across the ServiceTitan platform, including the recently launched ServiceTitan Marketplace. Backing from ICONIQ and other leading technology investors will also accelerate the introduction of innovative features currently under development, including online booking with top review sites, more robust inventory management, integration with enterprise-grade accounting systems, enhanced reporting, and other developments on ServiceTitan’s product roadmap.
“Our new software developments are designed with the home services business owner in mind,” said Vahe Kuzoyan, co-founder and President of ServiceTitan. “Partnering with these businesses to improve efficiencies is core to the ServiceTitan mission, and we know we have the strongest product to deliver results. It takes significant investment to stay at the forefront of technology, and we are committed to hiring the best developers and team members to continue improving and expanding the tools available to our clients. This funding will help us expand our product, customer success and support teams — recruiting the best and brightest talent from across the country.”
ServiceTitan’s co-founders are both sons of home service contractors and have a passion for and unique insight into the industry. Founded in 2012 to help residential contractors better manage their businesses, ServiceTitan now supports over a thousand home service companies. On average, ServiceTitan customers increased quarterly revenue 20% year over year within one year of switching to ServiceTitan1.
Home services companies stand to gain — or lose — a lot based on the software they choose. Few know that better than ServiceTitan customer Rapid Repair Experts. “ServiceTitan’s platform has transformed the way we manage our business and given us the technology to provide a seamless and modern customer experience that is crucial to success in our rapidly changing industry,” said Dave Dombrowski, General Manager of Rapid Repair Experts. “The ServiceTitan team works with us to understand the specific needs of our business and provides the tools we need to operate and grow. We are very excited about the new funding, which will allow ServiceTitan to take their current application to an even higher level and create new features based on our feedback. It is a true win-win situation.”
Commenting on the importance of maintaining ServiceTitan’s unique employee culture, newly appointed VP of People, Sheily Chhabria, said, “We are committed to building a world-class culture, scaling our philanthropic outreach and offering our people unparalleled opportunities to grow.”
ServiceTitan is the preferred software for some of the fastest growing, independent home service companies, franchise systems Mr. Rooter®, Mr. Electric®, and Aire Serv®, as well as best practice organizations Nexstar NetworkTM, QSC®, Service Nation Alliance®, and Service Roundtable®.
ServiceTitan is a mobile, cloud-based software platform that helps home service companies streamline operations, improve customer service, and grow their business. ServiceTitan’s
About ICONIQ Capital
ICONIQ Capital is a global multi-family office and merchant bank for a group of influential families.
Alyssa Linn, Sard Verbinnen & Co
Heather Ripley, Ripley PR