ServiceTitan Reportedly Files for IPO at a Possible $18 Billion Valuation

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

ServiceTitan Reportedly Files for IPO at a Possible $18 Billion Valuation

ServiceTitan—which has parlayed its field service software for contractors into one of Southern California’s most valuable tech startups—has reportedly confidentially filed for an initial public offering, Business Insider reported Tuesday.

The Glendale-based firm is said to be pursuing a valuation as high as $18 billion via an IPO sometime this year—though the report cautioned that both the timing and valuation could change. At that figure, ServiceTitan would rank among the five-most valuable venture capital-backed businesses in Southern California, according to Pitchbook data.


Reuters previously reported that ServiceTitan had begun preparing for an IPO last fall.

ServiceTitan’s software offers back-office tools for a wide range of service industries, from plumbing and landscaping to pest control and HVAC. It has grown in part by gobbling up other businesses, such as landscaping software provider Aspire and pest control-focused platforms ServicePro and, earlier this month, FieldRoutes.

The startup—founded in 2012 by Armenian immigrants Ara Mahdessian and Vahe Kuzoyan—has also secured venture funding at a prolific rate. ServiceTitan has raised a total of $1.1 billion in capital to date, according to PitchBook data—most recently a $200 million Series G round that closed last June. At the time, the firm pegged its valuation at $9.5 billion.

ServiceTitan’s investors include prominent venture capital firms Tiger Global and Sequoia, as well as private equity firms Thoma Bravo and Arena Holdings. Santa Monica-based VC firm Mucker Capital is also among ServiceTitan’s backers.

Representatives for ServiceTitan did not immediately respond to a request for comment on the Business Insider report.

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Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

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Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

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Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

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