tiger global management

ServiceTitan is decidedly uncool and unglamorous, making all-in-one software for residential and commercial HVAC, plumbing, electrical and tradesmen. But that model has made it one of Southern California's most valuable startups.

The Glendale-based company announced Friday it has raised a half billion dollars at a $8.3 billion valuation. The round was led by Tiger Global Management and Sequoia Capital Global Equities with participation from H.I.G. Growth Partners. Existing investors participated, including Arena Holdings, Battery Ventures, Bessemer Venture Partners, Dragoneer Investment Group, Durable Capital Partners LP, ICONIQ Growth and Index Ventures.

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Even a raging pandemic and sagging economy could not slow down startupland, which set new records for deal value, exit value and capital raised.

Investors deployed $156.2 billion into startups, liquidated $290.1 billion of value via exits and closed on $73.6 billion in traditional VC funds, according to the PitchBook-NVCA Venture Monitor released Thursday, which is jointly produced by PitchBook and the National Venture Capital Association (NVCA). Firms are starting this year with $152 billion in dry powder at their disposal.

"The unprecedented macro events of 2020 did not deter the overall VC industry, which reached another banner year across the venture cycle," said Bobby Franklin, president and chief executive of NVCA, in a prepared statement.

At least one out of every 10 venture investment dollars flowed through Los Angeles, which continued to demonstrate its heft as a tech hub, trailing only the Bay Area in total deal value. That was tied with New York, but whereas that city saw a 16.9% decline in deal value, Los Angeles saw a 38.9% increase.

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