Thursday, August 18, 2022

How ServiceTitan Raised Its Value to a Thousand Percent

Date:

There’s a niche for everything. Even jobs like plumbing and AC repairs have a dedicated team of professionals. Sadly, most of these are small-time and individually-operated businesses. These types of businesses thrive because they get just the right amount of exposure it needs. But not for Ara Mahdessian and Vahey Kuzoyan.

ServiceTitan is Now Worth $8.3 Billion

These two met back in college and helped their fathers. They developed software to help manage their business. Today, Ara and Vahey have valued the company at $8.3 billion. ServiceTitan is a platform where companies work with several professionals. These professionals specialize in plumbing services, electrical services, and AC maintenance. Companies can hire multiple professionals via ServiceTitan. The program helps keep their buildings and work sites running.

ServiceTitan receives funding from different investors. This includes Index Ventures and Dragoneer. Investors like Bessemer Venture Partners and ICONIQ also are part of the funding. These investors see the opportunity in fast-growing startups like ServiceTitan. The trend resulted in the company seeing investments flow in and raise its value to $1.65 billion. 

The company aggregates professionals from different fields with different specialties. These can be plumbers, electricians, AC technicians, and other home-related professional workers. 

The business partners are looking to hire more individuals. The additional manpower will make it easy for the two to expand and run the company. In addition to hiring additional staff, ServiceTitan started making acquisitions. Recently, they’ve acquired the company which developed Jayar software. 

The two struck a goldmine when it comes to startups. The annual expenditure for home services in the US is $400 billion. This is a good indication of the company’s future growth.

The company goes back to 2012, by Ara Mahdessian and Vahey Kuzoyan. Both their parents worked in air conditioning contracting. They developed software to run their business. 

ServiceTitan addresses the absence of tech in large-scale maintenance. It also assists in the management of building utilities. The software package ServiceTitan offers can help with CRM, schedules, and dispatch. The platform also has invoicing, payments, and inventory features. They’re currently working with Yelp for real-time appointment settings. They’ve also started cooperation with supply-chain companies like Lenox. 

LA STARTUPS
LA STARTUPShttps://lastartups.com
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
spot_imgspot_img
spot_imgspot_img

Popular

More like this
Related

Best Time To Hire Is Now: How To Hire During an Economic Downturn

Only a few years ago, recessions appeared to strike...

GR0 is The Fastest Growing Digital Marketing Agency in the US Amidst The Pandemic

The Covid-19 pandemic has wreaked havoc on the global...

How to Evaluate Interview Candidates for a Successful Hire

Making a successful hire is important for any business....