ServiceTitan is one of the leading providers of software for trades. The company recently announced a $500 million investment at a valuation of $8.3 billion. The round of funding was led by Sequoia Capital Global Equities and Tiger Global Management with the participation of H.I.G. Growth Partners. This is being viewed as a milestone as it represents the highest valuation and the largest investment for any private vertical software company.
The company also claims that it has surpassed the milestone of $250 million in annual recurring revenue and has recorded a growth of more than 50% over the recent past. The capital raised in the current valuation will further fuel the rapid growth of the company. ServiceTitan continues to invest in optimal user experience and at-par product development. To achieve this, the company plans to hire top talent from across the globe. Currently, the company serves more than 7500 contracting businesses and employs more than 100,000 technicians. ServiceTitan performs an annual transaction worth more than $20 billion across various residency homes and commercial service verticals.
Ara Mahdessian, co-founder and CEO of ServiceTitan, recently quoted that the homeownership rate and the time spent at homes are record high. As a result, essential service providers like plumbers, electricians, and others are facing rising demand, especially from tech-savvy homeowners. The software offered by this company provides the best-suited contractors that deliver the best customer experience. Furthermore, it enables hardworking men and women of trades to grow their businesses, reach a vast customer base and achieve the level of success they deserve. In other words, these tools are a win-win solution for both people of trade and end-users.
ServiceTitan worked at the forefront to help the trade businesses during the pandemic. It partnered closely with its customers and developed several features that enabled technicians to provide contactless services. It even interviewed hundreds of customers and launched a playbook along with an online community. This initiative helped the contractors in sharing the best practices with one another. This helped millions of Americans who work in trades solve the biggest problem that this industry faced during the pandemic.
The impressive growth of ServiceTitan and the stellar investment raised by them demonstrates how important this technology is for the technicians in the trade.
