- March 26, 2021
- Posted by: higgrowth
- Category: Uncategorized
H.I.G. Growth Partners
One Sansome Street
San Francisco, CA 94104
SAN FRANCISCO – March 26, 2021 – H.I.G. Growth Partners (“H.I.G.”) is pleased to announce that an affiliate has invested in the Series F growth financing for ServiceTitan (the “Company”), the leading provider of software for home and commercial service businesses.
The round was led by Tiger Global Management and Sequoia Capital Global Equities with significant participation from existing investors, including Bessemer Venture Partners, ICONIQ Capital, Battery Ventures, Index Ventures, Durable Capital, Dragoneer Investment Group, and funds and accounts advised by T. Rowe Price Associates.
Based in Glendale, California, ServiceTitan 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. ServiceTitan has also surpassed $250 million in annual recurring revenue, having grown more than 50% over the past twelve months. ServiceTitan’s $500M Series F financing round reflects the value of its technology to the home and commercial service customers, and will be used to fuel rapid growth as the Company continues to invest in customer experience, product development, and hiring top talent around the globe. Co-founders Ara Mahdessian (CEO) and Vahe Kuzoyan (President) launched ServiceTitan in 2012 as a solution for their fathers, who both worked in the trades.
“We depend on the men and women of the trades to maintain our life support systems: running water, heat, air conditioning, and power,” said Ara Mahdessian. “Today, as both homeownership rates and time spent at home reach record highs, these essential service providers are facing rising demand from an increasingly tech-savvy homeowner. By providing contractors with the tools they need to deliver a great customer experience and grow their businesses with ease, ServiceTitan is enabling the hardworking men and women of the trades to reach the level of success they deserve.”
“We’re in the early innings of a fundamental shift. Software is transforming the trades industry to meet consumer demand for greater technology adoption and a mobile-first user experience,” said Tony Tamer, Co-Founder and Co-CEO of H.I.G. Capital. “ServiceTitan is building mission-critical software that not only addresses key challenges faced by residential and commercial contractors, but also drives new growth opportunities across the broader home services ecosystem.”
“ServiceTitan is the category-leading software provider powering the massive home and commercial services sector. The Company’s impressive growth and scale is a testament to the value delivered to its customers who use ServiceTitan to grow and manage all aspects of their businesses,” said Scott Hilleboe, Managing Director of H.I.G. Growth Partners. “The Company’s relentless drive around building best-in-class software and its laser focus on delivering a stellar customer experience speak to the culture that Ara and Vahe have developed. We are pleased to support ServiceTitan in their next phase of growth.”
ServiceTitan® is a software company built to accelerate the home and commercial service industries. The Company’s end-to-end software suite includes CRM, intelligent dispatch, custom reporting, marketing automation, a mobile solution for field techs, and accounting, payments and financing integrations. By bringing a fully operational modern SaaS infrastructure to an industry traditionally underserved by technology, ServiceTitan makes a direct and positive impact on the lives of thousands of entrepreneurs and their extended teams. ServiceTitan is backed by world-class investors, including Tiger Global Management, Sequoia Capital Global Equities, H.I.G. Growth Partners, Bessemer Venture Partners and ICONIQ Capital. For more information about ServiceTitan, visit https://servicetitan.com/.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with more than $43 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.