Glendale-based ServiceTitan Inc. has secured $165 million in funding from a venture capital group to build out its home services software firm through acquisitions and moves into new markets.
ServiceTitan says the funding represents the largest software raise in Southern California history for “software as a service,” or sometimes referred to as SaaS. This is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet.
The $165 million investment round is based on a valuation for the company at $1.65 billion, said Connor Theilmann, ServiceTitan’s vice president of business operations. “You could say we sold 10 percent of the company for $165 million, in other words.”
ServiceTitan was co-founded in June 2012 by Ara Mahdessian and Vahe Kuzoyan. It is a mobile, cloud-based software platform that helps home services companies streamline operations, improve customer service and increase sales.
The Series D funding of $165 million was led by Index Ventures, with participation from Dragoneer Investment Group and T. Rowe Price, and existing investors Battery Ventures, Bessemer Venture Partners and Iconiq Capital.
Nina Achadjian from Index Ventures joined ServiceTitan's board of directors.