Home services software company ServiceTitan closed a successful funding round, netting half-a-billion dollars in new investment. The company is now valued at $8.3B, with the growth attributed in part to the greater demand for home and business safety as a result of the ongoing COVID-19 pandemic. Alongside prior investing firms such as Arena Holdings and Durable Capital Partners, this latest funding round was led by Tiger Capital Group and Sequoia Capital Global Equities, which have a history of backing tech giants.
ServiceTitan makes software used by contractors in the home and commercial building industries, such as plumbing, electrical, and air conditioning professionals. The new investment brings millions in funds from around the country to Los Angeles County. It’s a huge growth for the Glendale, Calif.-based company that started in 2012; according to a statement from ServiceTitan, it was valued at $2.3B only a year ago.
This isn’t the first time the company has had such outsized success. Per CSQ archives, in 2017 ServiceTitan recorded 5,577% growth.