ServiceTitan Closes $80 Million Funding
ServiceTitan, a 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, based in Glendale, Calif., provides a state-of-the-art software platform that allows home service businesses of any size to 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,” Ara Mahdessian, co-founder and CEO of ServiceTitan, said in a March 15 statement. “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
industry.”
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 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 such businesses to improve efficiencies is “core to the ServiceTitan mission,” Kuzoyan said. “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 insight into the industry. Founded in 2012 to help residential contractors better manage their businesses, ServiceTitan says it now supports over one thousand home service companies.
ServiceTitan software is used by independent home service companies and franchise systems Mr. Rooter, Mr. Electric, and Aire Serv.
ServiceTitan is a mobile, cloud-based software platform designed to help 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 provides its solutions via a “Service as a Software” (SaaS) infrastructure
ICONIQ Capital, San Francisco, Calif., is a merchant bank.