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“Achieve the Extraordinary!” Since ServiceTitan’s inception, this principle has been at the heart of the company’s values as a rallying call guiding the company’s growth from fledgling startup to the market-leading software platform for the trades. Today, we at ICONIQ Growth are thrilled to celebrate ServiceTitan’s latest milestone as it begins its new phase as a public company. Having supported the company since leading its Series B in 2016—and as its largest investor by dollars and ownership—we are profoundly grateful for the long-term partnership we’ve built with Ara Mahdessian, Vahe Kuzoyan, and the entire leadership team, including Dave Sherry, Ross Biestman, Connor Theilmann, Olive Huang, Anmol Bhasin, Chris Trombetta, and all the Titans. Over the years, we have seen ServiceTitan continue on their mission to build the operating system that powers the trades, and to change the lives of every hardworking contractor in this critical industry.
Born in the Trades. Built for the Trades.
We believe that, in many ways, Ara Mahdessian and Vahe Kuzoyan were precisely the right leaders to charter ServiceTitan’s path—authentic, product-focused, and customer-obsessed founders steeped in the pain points of their industry. Both founders grew up as children of tradespeople who were experts in their craft, but nevertheless faced the burden of manually performing many repetitive administrative tasks, ranging from customer invoicing to technician scheduling to inventory management that were essential to run their businesses. Ara and Vahe saw from an early age the tireless work that their parents put into helping consumers maintain and repair their homes while at the same time struggling with a lack of tools that could help their own businesses thrive.
These experiences drove Ara and Vahe to start building dedicated software for plumbers, electricians, and other tradespeople over a decade ago. Their dogged intent: solve through automation the problems that their parents had surmounted through sheer will. Armed with domain expertise and deep technical skills, Ara and Vahe translated pain points in the physical world into elegant code that became the foundation of ServiceTitan’s product offerings.
The Piping to a Partnership
Building on other cloud-based vertical software successes we saw were reshaping industries ranging from legal to construction, we recognized ServiceTitan’s early impact. The idea that ServiceTitan could lead the charge in the trades galvanized us.
Given Ara and Vahe’s dedicated focus on customers, we nearly had to pretend to be electricians just to meet with them. But that persistence paid off: we were immediately captivated by their passion, execution, and vision for the future of the business. Their approach aligned with our focus on supporting authentic, product-focused, customer-obsessed, technical founders who have the ambition and drive to change industries and create impact for all stakeholders by being a committed partner and always putting the customer first. Shortly after that first meeting, we were proud to lead ServiceTitan’s Series B.
From the start, our alignment of values, shared commitment to the journey, and mutual ambitions stood out. Three key elements inspired our early partnership with Ara and Vahe: their unmatched connection to the trades, demonstrated by genuine care for customers and deep insight into their challenges; their clear vision, reflected in a comprehensive product roadmap spanning capabilities like payments and financing and expanding into verticals like roofing and lawn care; and their dedication to building a culture of excellence, anchored on empowering exceptional talent and sustaining growth through values like “change lives” and “be a dream team.”
ServiceTitan’s Journey and Evolution
As we wrote in our Series B term sheet in 2016, “Since our very first interaction, it has been clear to us that ServiceTitan is a truly special company that has the opportunity to become one of the preeminent vertical software platforms of our time.” And over the past decade, ServiceTitan has grown from humble beginnings into an industry-standard technology platform, serving over 8,000 Active Customers whose own businesses collectively generated $62B1 in Gross Transaction Volume through the ServiceTitan platform. ServiceTitan customers completed more than 100 million jobs2 during fiscal year 2024 through the platform, covering zip codes representing approximately 98.5% of the US population3 —a remarkable evolution from its initial role as the platform of choice for Ara and Vahe’s parents!
The product vision Ara and Vahe outlined years ago has also become a reality, with ServiceTitan offering a comprehensive suite of tools, including lead tracking, marketing automation, call booking, scheduling, fleet management, payment processing, and inventory management. At its core is Titan Intelligence, an AI engine that automates scheduling and optimizes service routes for maximum efficiency.
Originally focused on residential contractors, ServiceTitan has expanded into the commercial sector and now serves multiple trades across maintenance and new construction. This evolution reflects the company’s intentionality, commitment to excellence, and focus on delivering tailored solutions that set the standard in the trades.
Supporting the Vision
Similarly, our partnership with ServiceTitan has deepened substantially over the years. We have invested in the company time and time again—ultimately becoming ServiceTitan’s largest investor by both capital invested and ownership percentage —and continuously provided strategic counsel. From supporting Ara and Vahe in evaluating potential M&A opportunities and refining their product roadmap to facilitating introductions with strategic partners, distributors, and prospective customers, we have sought opportunities to help amplify ServiceTitan’s impact and growth trajectory. Along the way, we have also guided the team through critical hiring decisions and talent acquisition efforts, supported interviews for top-level roles, and connected them with members of our ICONIQ Growth Technical Advisory Board for mentorship sessions and guidance. Like Ara and Vahe, we have been steadfastly committed since day one and remain proud to stand with them—offering our time, network, guidance, perspective, and capital. Most importantly, we stand as aligned partners as they continue their journey to becoming the definitive operating system of the trades.
The Road Ahead
As we reflect on ServiceTitan’s incredible journey so far, we feel only gratitude and humility for the opportunity to be part of this story. We believe this key milestone is a testament to what can be achieved when founder vision, domain expertise, authentic care for customers, and a relentless pursuit of the extraordinary converge. Congratulations to Ara, Vahe, and the entire ServiceTitan team on reaching this extraordinary milestone. We are privileged to walk alongside you as you embark on this next chapter.
Published:
December 12, 2024
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