ServiceTitan has built a field service management platform that helps businesses in the HVAC, plumbing, lawn care, and other industries manage scheduling, invoicing, payments, and administrative work. Conducting one of the last IPOs of 2024, let’s dive into ServiceTitan’s history and milestones to review what might make this company stand out.

ServiceTitan History & Milestones

Ara Mahdessian and Vahe Kuzoyan founded ServiceTitan in 2007 after experiencing firsthand the struggles of their fathers working late hours balancing books, preparing invoices, and doing all the other responsibilities of having a home and commercial service company. When the two connected in college in 2004, both studying software engineering, they realized other industries had been improving efficiency all this time through technology and automation, while trade businesses stood “frozen in time”.[1]

How?

The two decided to build a simple desktop program that would help their dad’s businesses. However in 2012, the pair launched a cloud-based platform that would become ServiceTitan as we know it today.

ServiceTitan Founders, Ara Mahdessian and Vahe Kuzoyan

ServiceTitan’s Product

ServiceTitan’s all-in-one software suite enables home and commercial service businesses to automate aspects like scheduling, dispatching, marketing, reporting, accounting, payroll, and even loans and financing.

Scheduling and Dispatching

ServiceTitan’s scheduling and dispatching tools can help service businesses plan for any type of job. It can adjust lengths for more complicated services, flag jobs that need specific tools, and extend, shorten, or reschedule services in real time, leaving ample travel time so technicians aren’t late for a job.

Marketing and Reporting

ServiceTitan’s platform also allows businesses to create, edit, manage, and track marketing campaigns across email and SMS. Businesses can then track the impact of their marketing and business efforts through customizable visualization dashboards and reports.

Loans and Financing

ServiceTitan also enables its users to offer financing options to its customers. It has partnered with industry leading loan providers to offer instant approval and affordable financing options.

ServiceTitan Milestones

ServiceTitan has achieved multiple milestones within the last few years. Some of its milestones are but not limited to the following:

Successfully conducted its initial public offering (IPO) in December 2024, selling 8.8 million shares, raising ~$625 million, reaching a valuation of nearly $9 billion
Used by more than 11.8k trade customers as of January 2025
Annual recurring revenue is on track to surpass $1 billion in 2025[2]
Ranked #6 on the Forbes Cloud 100 in 2024

ServiceTitan Funding

While private, ServiceTitan raised over $1.5 billion across 10 funding rounds. Some of Matternet’s larger investors include Thoma Bravo, Sequoia, Tiger Global, Bessemer Venture Partners, and ICONIQ Growth.

ServiceTitan officially went public on December 2024 on NASDAQ under the ticker TTAN. Its shares were originally priced at $71 and opened at $101. ServiceTitan sold 8.8 million shares in its public debut, raising ~$625 million at a valuation of nearly $9 billion. The shares rose about 42% over the course of the day and is trading at $100.70 as of January 6, 2024.

Final Thoughts

As one of the larger IPOs of 2024, ServiceTitan may be helping further thaw out the frigid IPO market from the past couple of years. What started as an idea close to home, helping the founders’ parents’ businesses, found a need to solve and has grown into an industry leader over the past 19 years.

MicroVentures investors were able to invest in ServiceTitan before its public debut in 2022. Are you looking to invest in startups before their IPOs? Sign up for a MicroVentures account to start investing!

GET STARTED FOR FREE

Want to learn more about other MicroVentures portfolio companies disrupting their industries? Check out the following blogs to learn more:

[1] https://www.servicetitan.com/field-service-management/leadership

[2] https://www.investing.com/news/analyst-ratings/piper-sandler-bullish-on-servicetitan-stock-citing-recessionresistant-market–arr-growth-93CH-3796703

*****

The information presented here is for general informational purposes only and is not intended to be, nor should it be construed or used as, comprehensive offering documentation for any security, investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest, directly or indirectly, in any company. Investing in both early-stage and later-stage companies carries a high degree of risk. A loss of an investor’s entire investment is possible, and no profit may be realized. Investors should be aware that these types of investments are illiquid and should anticipate holding until an exit occurs.

MicroVentures Blog

MicroVentures Portfolio Company: ServiceTitan’s History and Milestones