The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 18 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Lemkin: ServiceTitan terminated Podium integration impacting 1,000 shared customers
“That worked great for years until Service Titan shut them off the other day, shut them off after all these years with a thousand joint customers.”
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…”
Lemkin: Founders must only hire early sales reps they would personally buy from
“Interview 30 kids of any age and be religious about this. Just only hire one you would buy your own product from. Don't give on this. I don't care whether they worked at Toast. I don't care if they worked at Owner. I don't care if they were the first person in…”
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.”
Lemkin: ServiceTitan is nearing $1B ARR and will IPO within 12 months
“Service Titan should be one of the best SMB vertical SaaS. IPOs in the next 12 months. They are approaching a billion in ARR.”
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…”
Shen: Bessemer's initial investment memo gave ServiceTitan a 2% chance at $1B
“I remember way back in the day when we were at Bessemer, it's myself, Byron Dieter, and Tyler Goldberg. We wrote now this very famous memo about service sign. I think we put, what do we say, a two percent chance at a billion dollar outcome.”
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…”
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…”
Lemkin: ServiceTitan will probably be the first SaaS IPO of 2024
“I think that'll be the first SAS IPO of 20, 24.”
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.”
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.”
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”
Biestman: ServiceTitan currently trades at approximately an $11B market cap
“According to 30 minutes ago, I think it's about eleven billion.”
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…”
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.”
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 …”
Ferrara: ServiceTitan scored an 8.3 GRIT rating driven by 3.4x efficiency
“So Service Titan, ah, over indexed on efficiency with a 3.4 X score. They underindexed a little bit on net retention at around 90%. So with 200% growth, and again, two years of cash in the bank, they had a very similar grit score of about 8.3.”