ServiceTitan Inks $62 Million in Series C Funding

Battery Ventures has led a $62 million Series C funding round in ServiceTitan, a provider of workflow and field service management software for home-service businesses.

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"We’re thrilled to deepen our partnership with Battery, who have decades of experience in specialized software markets,” said Ara Mahdessian, ServiceTitan’s co-founder and Chief Executive Officer, in a statement.

The six-year-old startup has raised $161 million in four rounds of funding, according to Crunchbase. Backers include Battery Ventures, ICONIQ Capital and Bessemer Venture Partners.

The SaaS company offers solutions intended to help HVAC, plumping, electrical and other types of home service businesses generate leads, book more appointments and boost sales.

Co-founders Mahdessian, and Vahe Kuzoyan, the sons of a contractor and a plumber, respectively, saw a need for a more effective, modern solution to help people like their parents operate their small businesses.

The Glendale, Calif.-based company will use the recent funding to expand its employee count from 400 to 500 by the end of 2018, as well as for product enhancement and partnership expansion initiatives.

The company’s mobile, cloud-based app is used by home service professionals seeking to organize their workflow and more easily scale their businesses. Its suite of solutions allows companies to market, access Quickbooks and manage other customer service aspects of their business inside the ServiceTitan app. The company, founded in 2012, lists over 2,000 customers. Last year, the firm landed itself on the list of Forbe’s Next Billion Dollar Startups of 2017. Mahdessian indicates that in a single year, the startup has doubled its customer base.

“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 [software as a service] solution," said co-founder Kuzoyan.

In the recent funding, existing investors Bessemer Venture Partners and ICONIQ Capital added to their investments, and new investor Hive Ventures participated in the round. As part of the deal, Battery Ventures’ partner Michael Brown is set to join ServiceTitan’s board of directors.