On 26th March 2021, The Glendale-based software corporation, Service Titan, reported its Series F funding round with a valuation worth $8.3 billion.
Tiger Global Management and Sequoia Capital Global Equities backed the $500 billion row of Service Titan. It also included Service's current investors' participation, i.e., Index Ventures, Iconiq Growth, Durable Capital, Dragoneer Investment Group, Bessemer Venture Partners, Battery Ventures, and Arena Holdings. T. Rowe Price Associates, Inc. advises on finances and accounts. The latest funding round's appraisal is fivefold than the former one, set in November 2018 at $1.65 billion.
This achievement reflects the world's highest appraisal and the most significant investment in any commercial technology firm. The funds will be used to drive the business's rapid expansion as it proceeds to invest in customer service, product growth, and recruiting the best talent worldwide. Co-founder and CEO Ara Mahdessian conveyed that Service has seen some of its clients experience a rapid increase in their business, while others suffered due to the covid-19 pandemic. To help trade enterprises survive the pandemic, Service Titan worked closely with its clients to create several features that allow technicians to offer a fully contactless solution to homeowners. Moreover, ServiceTitan conducted hundreds of interviews with clients to develop a playbook for how to implement operations to thrive under COVID-19, as well as an online forum for contractors to communicate best practices.
Founded in 2012 by Vahe Kuzoyan and Ara Mahdessian, ServiceTitan aims to make the domicile as well as private service industries more effective. Email marketing, personalized monitoring, intelligent dispatch, customer relationship management, funding software solutions, payments, accounting, and a digital solution for field technicians are all part of its complete software package. ServiceTitan has a direct and meaningful effect on the lives of millions of businessmen and their extensive teams by introducing a fully functional modern SaaS infrastructure to a sector that got neglected previously due to technology.
ServiceTitan also stated that its consistent annual revenue had reached $250 million, a rise of above 50% in the last year. Over 7,500 contracting companies use the firm, which employs more than 100,000 professionals and performs many as $20 billion in total transactions through multiple indoor and outdoor service sectors such as plumbing, air conditioning, and electrical.