ServiceTitan Inc. has secured $165 million in funding from a venture capital group to build out its home services software firm through acquisitions and moves into new markets.
This represents the largest software raise in Southern California history, as well as the largest raise for any vertical software company in the world. ServiceTitan is on track to double subscription revenue in 2018, which would mark the fifth year in a row of more than doubling revenue. The company was recently recognized in Forbes’ Cloud 100 list of fastest growing software companies in the world.
The $165 million venture capital raise is based on a valuation for the company at $1.65 billion,
ServiceTitan’s more than 2,500 customers represent nearly 50,000 technicians on the road who perform roughly $10 billion worth of annual transactions across various home services verticals, including plumbing, air conditioning, electrical, garage door, and others. These numbers are on pace to double next year. ServiceTitan’s customers have serviced nearly 20 percent of homes across the U.S. and Canada since ServiceTitan launched in 2013.
“The ServiceTitan mission has always been personal to us,” said Ara Mahdessian, co-founder and CEO of ServiceTitan. ”Our software powers the tireless men and women of home services who ensure the world has the basic necessities of life: running water, relief from the scorching heat and biting cold, power and electricity, and more. We take it for granted today, until our toilets back up, our air conditioning goes out during the heat of summer, or our lights go out in the middle of the night. These are the heroes that come to our rescue, and we’re here to help them be more efficient and successful.”
ServiceTitan will use the additional capital to serve even more home service businesses as well as deliver even greater value to its customers through additional products.
“ServiceTitan is the operating system for home services,” said Vahe Kuzoyan, co-founder and President of ServiceTitan. “Our software helps our customers with nearly every workflow in their business, including CRM, scheduling, dispatch, mobile invoicing, payments, inventory, and more. We’re now integrating with large partners to enable the future of home services, including real-time appointment booking integrations with partners like Yelp and others, as well as supply-chain integration with partners like Lennox and others.”
Founded in 2012 by Mahdessian and Kuzoyan as a solution to help their fathers, who were both tradesmen, ServiceTitan has quickly grown into the business management software leader for the estimated $400 billion dollar home service industry. The company distinguishes itself with an uncompromising commitment to change the lives of tradespeople who have been traditionally underserved by disruptive technology and enterprise software.