ServiceTitan Secures $500 Million Investment

ServiceTitan, the software developer for home and commercial services companies, has raised $500 million in a funding round that values the company at $8.3 billion.The Glendale company received the money from lead investors Tiger Global in New York and Sequoia Global Equities in Menlo Park. Existing investors also participated including Arena Holdings, Battery Ventures and Bessemer Venture Partners.ServiceTitan makes software to help contractors such as plumbers schedule and organize their business.“The fact that some of the most respected investors in the world are paying attention to the trades validates the importance of the work our customers do, the impact all Titans have been able to make thus far, and as importantly, the opportunity ahead of us,” said ServiceTitan Chief Executive Ara Mahdessian in a statement.The company has surpassed $250 million in annual recurring revenue, having grown more than 50 percent during the past 12 months. A year ago, the company’s valuation was $2.3 billion, it said in a release.Jeff Wang, managing partner at Sequoia Global Equities, said the firm’s impressive growth demonstrated how essential its software is for the 5 million people working in the trades in the U.S.“The ServiceTitan team is relentlessly focused on delivering value to their customers and solving the biggest problems facing this industry,” Wang said in a statement.