HVAC market software company raises $18 million
Cloud-based contractor software company ServiceTitan said it has raised $18 million in funding, led by venture capital firm Bessemer Venture Partners.
"With over $1 billion processed in transactions a year, we're expanding rapidly and investing in providing more capabilities and support to our customers, residential home service companies in the HVAC, plumbing, and electrical industries, which currently lack effective, modern software solutions," said ServiceTitan CEO Ara Mahdessian. "Our customers will always be an extension of the ServiceTitan family, and it's our commitment to them and their needs that constantly drives how we evolve the software and our company."
The company’s current clients include franchises such as HVAC market firm Aire Serv and Mr. Rooter and Mr. Electric.
Service Titan allows business owners to measure every part of their operations, from anywhere, the company says. It also handles functions such as dispatching and invoicing.
"ServiceTitan is attacking a multi-billion dollar market that is ripe with opportunity," said Byron Deeter, a partner at Bessemer Venture Partners. "The home service market was historically dominated by manual processes and clunky on-premise vendors. Today, ServiceTitan is the gold standard, rapidly replacing legacy solutions and enabling workers to take advantage of mobile technology. Ara (Mahdessian) and Vahe (Kuzoyan) know the industry well and as hungry entrepreneurs they will work tirelessly to support their customers with easy to use, state-of-the-art software. Bessemer is happy to provide them the resources to do just that."