ServiceTitan, a Los Angeles, CA-based provider of software for the home and commercial service industries, raised $500m in funding at an $8.3 billion valuation.
The round was led by Tiger Global Management and Sequoia Capital Global Equities with participation from H.I.G. Growth Partners, with participation from existing investors Arena Holdings, Battery Ventures, Bessemer Venture Partners, Dragoneer Investment Group, Durable Capital Partners LP, ICONIQ Growth, Index Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc.
The company intends to use the funds to accelerate growth and to invest in customer experience, product development, and hiring top talent around the globe.
Led by Ara Mahdessian, co-founder and CEO, and Vahe Kuzoyan, co-founder and President, ServiceTitan provides a software suite that includes CRM, intelligent dispatch, custom reporting, marketing automation, a mobile solution for field techs, and accounting, payments and financing integrations.
ServiceTitan also announced that it has surpassed $250m in annual recurring revenue, having grown more than 50% over the past twelve months. The company serves more than 7,500 contracting businesses that collectively employ more than 100,000 technicians and perform more than $20 billion worth of annual transactions across various home and commercial service verticals, including plumbing, air conditioning, electrical, and more.