DURHAM – ServiceTrade, a Durham-based software as a service (SaaS) platform for commercial service contractors, has raised roughly $49 million in equity, according to a recent securities filing.

As reported by WRAL TechWire last week, the startup founded by Billy Marshall and  Brian Smithwick recently raised around $30 million in a round led by Charlotte-based growth equity firm Frontier Growth, along with Bull City Ventures.

The additional $19 million is rollover from existing Service Trade shareholders, the company said.

In total, 37 investors contributed to the round, the filing noted.

“The new investors [Frontier] are now the controlling entity,” added Marshall, noting that existing shareholders continue to hold a “significant percentage.”

Founded in 2012 as a spin-out of another Durham tech company DunnWell, ServiceTrade currently caters to some 500 customers across fire protection, mechanical, and electrical industries, offering a platform to streamline their operations.

Billy Marshall and

Now with the backing of Frontier, Marshall said the company is ready to scale quickly. That includes expanding its current team of around 70 employees.

“We’ve already hired close to 20 people since the beginning of the year, and I expect us to continue to hire  primarily in engineering, sales and marketing [roles], and also in support,” Marshall said.

However, given the uncertainty with the coronavirus pandemic, he isn’t putting an exact number on it.

“We’ll have to take it day by day, as it relates to how the market is reacting. But our market is, generally speaking, essential workers. Our business has held up pretty well.”

Adding more products is also in the pipeline.

“Industry-specific, scalable, integrated field service management software has become a prerequisite for commercial services companies looking to find a competitive edge in their markets,” said Richard Maclean, managing Partner at Frontier.

“We are excited to partner with Billy, Brian, and the ServiceTrade team as they work to grow the company’s presence as a leader in the field services software space.”

Durham-based Saas startup ServiceTrade, backed by Bull City Ventures, raises $30M