17:12 | 16.11.18 | News | 31386

ServiceTitan: Armenian startup worth USD 1bn

The world’s leading provider of software for home service businesses ServiceTitan, founded by Armenians, announced USD 165 million in Series D funding at a USD 1.65 billion post-money valuation.

The investment round was led by Index Ventures with participation from Dragoneer, T. Rowe Price, Battery Ventures, Bessemer Venture Partners and ICONIQ Capital.

The company said this is the largest software raise in Southern California history.

Nina Achadjian from Index Ventures has joined ServiceTitan’s board.

According to the company’s co-founder Vahe Kuzoyan, they will allocate the new investment to cooperation with larger home service businesses and additional high-quality services for the clients.

In the interview to Itel.am this October Vahe Kuzoyan revealed ServiceTitan planned to open an office in Yerevan.

“It’s going to be an engineering office, primarily for extending our team which is working on product development. We are looking to start from 10 engineers and then see how fast we can scale. If it is successful, I can see it grow to be maybe 100 next year. It depends on how effectively we can find great engineers,” said Kuzoyan.

Founded in 2012 by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan is a platform helping home services businesses manage and optimize their work, improve customer service, and develop.

The company has 2500 customers representing 50,000 technicians who carry out over 10 billion contracts annually in home service industry.