ServiceTitan, a Glendale-based startup, raised $165 million building a software platform for home service businesses like air conditioning, plumbing, and electrical repairs. According to company sources, the venture is now valued at $1.65 billion. The company managed to have its say in a potentially huge market. Some $400 billion is spent on home service repairs annually in the U.S.
The Story of ServiceTitan
The story of ServiceTitan is one of those American Dream stories when people start with zero money and earn billions with hard work and devotion.
The company was co-founded by Ara Mahdessian and Vahe Kuzoyan. The two met on a ski trip organized by the Armenian student associations. After college Ara and Vahe developed software to help their fathers in their air conditioning business.
But the co-founders say that the story started long before that when their families immigrated to the USA with zero money and no jobs. They even did not speak the language. They worked hard to provide food and education for their children. Perhaps this dedication was the source of aspiration for Ara and Vahe who wanted to excel in what they do to pay tribute to their parents.
Six years later after Vahe and Ara joined their families to help with air conditioning business, they built a software platform that has become one of the most demanded tools for the companies across the U.S. and Canada.
“And today, we’re proud to announce another milestone for ServiceTitan, as well as a milestone for vertical software and SoCal: a $165 million Series D at a $1.65 billion post-money valuation led by Nina Achadjian at Index Ventures, who joins our board, along with new investors Dragoneer and T Rowe Price, and existing investors Iconiq, Battery and Bessemer. This is the largest raise ever for a vertical SaaS company and the largest SaaS round in Southern California history,” Ara Mahdessian says.
The Co-Founders Aspire for More
Now the company is working out to nearly 20% of homes across the U.S. and Canada.
Mahdessian believes this is just a new start. “This new investment means we can grow our product and engineering teams, work towards making ServiceTitan an even more comprehensive operating system for home service businesses, and better improve the lives of our customers.”
The truly touching story of the immigrant family heroes makes you believe that you can achieve a lot more than you aspire with hard work and devotion. And not only that… It was the dedication of parents that aspired their children to new beginnings and better achievements.
To read Series D press release, click here.