ServiceTitan, the world’s leading provider of software for the trades, today announced a $500 million round at an $8.3 billion valuation. The round was led by Tiger Global Management and Sequoia Capital Global Equities with participation from H.I.G. Growth Partners. Existing investors participated, including Arena Holdings, Battery Ventures, Bessemer Venture Partners, Dragoneer Investment Group, Durable Capital Partners LP, ICONIQ Growth, Index Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc.
This milestone represents the highest valuation and the largest investment for any private vertical software company in the world. The capital raised 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.
ServiceTitan also announced that it has surpassed $250 million in annual recurring revenue, having grown more than 50% over the past twelve months. The company 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.
Source: Cision PR Newswire
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