Disclosure
Biestman: ServiceTitan distributes sales leads dynamically by AE merit, not round-robin
“We have this really, I think, unique way in which we think about customer acquisition, which is if a lead comes in that looks like a particular type of lead. It gets distributed to the account executive that has the highest propensity to close that type of bus…”
Assertion Supported
Biestman: ServiceTitan actively prepared for a Q1 or Q2 2022 IPO
“We were actually in the process of trying to take the company public. In Q one or Q two of 20, 22.”
Insight
Biestman: Taking non-ICP revenue creates organizational thrash and damages unit economics
“And I find that that approach just allows for too much thrash in an organization, whether the product's not going to work perfectly for this end customer, potentially it means that this customer that we sign up is not going to have successful outcomes and is g…”
Disclosure
Biestman: ServiceTitan seeded new vertical expansion using top established-market performers
“We were really methodical about testing and establishing success criteria in a very tightly confined incubated test to say, okay, we're going to take the big bet that this is something that's worth testing. We're actually going to pull our top performing peopl…”
Assertion Not checkable as stated
Biestman: Private equity firms are aggressively consolidating the trades industry
“The trades business has been consolidated in a massive way. The amount of private equity that has gone into this, it used to be that if you were in private equity, you wanted to buy companies in different verticals. People are buying businesses every single da…”
Assertion Not checkable as stated
Biestman: ServiceTitan co-founders spend 95% of their time with customers
“And one of the things that I love about RM Bahe, who started this business in Bahe's dad's plumbing shop, and now run a business, you know, as of an hour ago is worth eleven billion dollars, is they spend 95% of their time with customers, whether it be on call…”
Assertion Supported
Biestman: The US trades industry exceeds $1T in gross transaction volume
“And then when I sized the industry and saw that it did over a trillion dollars just domestically in gross transaction volume, I said, there's a huge opportunity.”
Assertion Partly supported
Biestman: ServiceTitan currently trades at approximately an $11B market cap
“According to 30 minutes ago, I think it's about eleven billion.”
Assertion Supported
Biestman: ServiceTitan generated under $30M ARR when he joined in 2018
“Okay, so I'm employee number three, five, four, three, 54. We were a series B company doing less than thirty million dollars in ARR”
Assertion Supported
Biestman: ServiceTitan has over 3,000 employees and $770M in revenue
“We're over 3000 people today, and based on the last earnings call, we did just north of seven hundred and seventy million in revenue.”
Disclosure
Biestman: ServiceTitan hired trade industry practitioners directly into its R&D organization
“We hired people from these specific trades that had been technicians, that had been call center agents, that had been a foes that had been owners and said, We want you to come work for us. We want you to come report into our R&D function, and we want to learn …”
Assertion Supported
Biestman: A VC who lost ServiceTitan's Series A later became its CBO
“And interestingly, that individual did not get the series eight funding, but. He today is the chief business officer at Service Titan seven years later. That's not me, but that's one of my teammates.”
Assertion Not checkable as stated
Biestman: An early customer endorsement drove ServiceTitan's largest deal ever
“While that was my first ever customer win, fast forwards over six years later, I come to find out that he was part of this advisory group of other contractors that was part of this family of franchises and brands. And he was one of the references and one of th…”
