November SMB Software Venture Deals
Each month, we look at funding activity for startups serving the SMB space. See last month’s post here. To learn more about SurePath’s SMB software focus and our SMB Software Thesis, send us a message at info@surepathcapital.com.
SMB software companies raised ~770M across 59 deals in November, a significant increase in deal size compared to ~$476M invested across 51 completed deals in September. Approximately 36% of the total SMB venture funding in November went to three companies, which are highlighted below.
Largest Deals
ServiceTitan, a Southern California based cloud software platform for home service businesses has raised $165 million in Series D funding, led by Index Ventures. This round included participation from two new investors Dragoneer and T.Rowe Price as well as existing investors Battery Ventures, Bessemer Venture Partners and ICONIQ Capital bringing ServiceTitan’s cumulative venture funding total to over $326 million. This deal represents the largest software raise in Southern California history, as well as the world’s largest raise for any vertical software company. Currently, the Company has over 50,000 contractors who perform ~$10 billion of transactions annually across a variety of home services verticals. The funding is expected to be used for business development and to build more software to deliver further value to their customers.
