ServiceTitan files to go public, Substack-o-nomics and please don't scratch my Bakkt
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ServiceTitan files to go public
Here’s our real work for the day: ServiceTitan is going public. The company offers software and fintech services to companies in the trades — a vertical SaaS play aimed at the people who can swing a wrench, shovel, or tune an HVAC unit.
This is a good market, ServiceTitan argues in its S-1 filing, because the trades are large ($1.5 trillion per year in United States and Canada), and are “critical and generally non-discretionary,” which means that they are “durable.”
The company raised ample venture capital while private, including a $200 million Series G in 2021 that valued the company at $9.5 billion on a post-money basis, and a $365 million Series H in late 2022 that reset its valuation to $7.6 billion on a post-money basis (PitchBook data).
Its backers include Bessemer Venture Partners, ICONIQ Growth, Battery Ventures, Index Ventures, Sequoia, Tiger Global, and Thoma Bravo. Everyone, in other words. That means that ServiceTitan’s exit will help fill a lot of pockets, and provide some much-needed DPI to VCs long sitting on paper returns.
So, the exit is good news. How about the company itself? Pretty good, it turns out.