Tuesday, May 7

California-based ServiceTitan Raises $165 million in Series D Funding

California based service management software company ServiceTitan that helps leading home services businesses generate more leads and close more sales has secured funds amounting to $165 million in Series D funding round.

This round was led by Index Ventures. Fresh investors such as New backers Dragoneer and T. Rowe Price also participated in the financing round along with existing investors Battery Ventures, Bessemer Venture Partners and ICONIQ Capital.

The company has stated that this funding is the “largest software raise in Southern California history.” Along with this, the valuation of the company has now reached $1.65 billion — making it the newest unicorn out of the region.

Prior to this, ServiceTitan raise funds seven months back. The funds raised in this funding round will be utilized for bringing on more talent — it’s already hired from Google, Netflix, Adobe and Accel — as well as business development and to build more software to fill out a vision of becoming “the operating system for home services.”

“The ServiceTitan mission has always been personal to us,” said Mahdessian, co-founder and CEO of ServiceTitan, in a statement. “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.

ServiceTitan was founded in 2012 by two Armenian Americans, Ara Mahdessian and Vahe Kuzoyan. The startup was borne out of work both were doing after college to build software to help their fathers, who worked in air conditioning contracting, run their businesses.

This is potentially a huge market, with some $400 billion spent on home service repairs annually in the U.S. The company claims to have had double subscription revenues this year, with some 2,500 customers on board covering some 50,000 technicians and $10 billion of services in areas like plumbing, air conditioning, electrical and garage door repair.