DURHAM – More than 800 commercial service contractors have chosen to work with software-as-a-service provider ServiceTrade, and investors see plenty of reasons for future growth. Today that was made clear with the announcement that the nine-year-old venture has closed on $85 million in new capital.
JMI Equity led the round with participation from previous investors Bull City Venture Partners and Frontier Growth. The funding is more than twice the amount the company has raised ($34.8 million) since launch, according to CrunchBase.
ServiceTrade says it has more than 800 customers who manage some 12,000 technicians through its services. Those customers generate nearly $3 billion in revenue, according to ServiceTrade. And the continuing COVID-19 pandemic is creating more demand for its cloud-based services with more need to coordinate with technicians and work remotely, the company says.
David Greenberg, General Partner at JMI, praised ServiceTrade’s founders Billy Marshall and Brian Smithwick.
“Billy and Brian have built a team that demonstrates a deep understanding of and commitment to the commercial trades. ServiceTrade is already a proven market leader with customers eager for the company to address more of their needs. We are excited to partner with the ServiceTrade team to help accelerate the company’s rapid growth,” Greenberg said in a statement.
The company plans to expand its product innovations.
“Before we started ServiceTrade, commercial and industrial service contractors were forced to rely on software that wasn’t designed for their businesses,” said Marshall in the announcement. “JMI’s investment will accelerate our development of unique applications that our customers are increasingly asking us to provide. With a business model based on long-term customer contracts that require a data model and workflows that most software providers don’t understand, we are best equipped to deliver to contractors more tailored solutions for their businesses.”
Added Smithwick, the firm’s chief technology officer: “When we formed ServiceTrade, there were practically no SaaS providers in the space, and a common preference was to have the server in the office where they could see it. We’re grateful the market has evolved over the past nine years and that we work with progressive business leaders who continually bring new ideas and challenges we can help them solve. Now, with JMI’s partnership, we’ll bring even more of those solutions to market. We are excited to add to our already talented staff to innovate even faster.”
