The funding will help ServiceTrade accelerate product development and business growth. Here are the top-line bullets you need to know.
ServiceTrade, a developer of SaaS applications for commercial service contractors, has raised an additional $85M in growth equity funding from Bull City Venture Partners, Frontier Growth, and JMI Equity.
HOW’S THE COMPANY PERFORMING?
- North Carolina-based ServiceTrade helps commercial service contractors manage service operations, sell services, and engage with their customers.
- ServiceTrade caters to contractors providing fire protection, HVAC, refrigeration, electrical, commercial food equipment, kitchen exhaust cleaning, and medical equipment services.
- The company has over 800 clients that collectively oversee 12,000 technicians who generate nearly $3B annually in services contracting revenue.
- The company operates in the US.
WHY DOES THE MARKET MATTER?
- The global field service management (FSM) market is expected to reach a value of $5.7B by 2026, growing at a CAGR of 11.9%, according to Markets and Markets.
- The rising demand for contractor-specific business management solutions has contributed to market growth.
- The ability of FSM software to allow commercial service contractors to work from a distance has given the market a boost amid Covid-19.