Get the latest tech news
Here’s why ServiceTitan was on the clock to go public
ServiceTitan's Series H round came with a compounding IPO ratchet clause with an IPO deadline that has already passed.
When ServiceTitan raised its $365 million Series H round in November 2022, the deal included a compounding IPO ratchet, as first pointed out by late-stage VC Meritech Capital, and outlined in the company’s S-1 filing. This specific structure means that the terms of that ratchet clause change if the company didn’t go public by a set date, which was May 22, 2024, 18 months after their Series H round. Silicon Valley-based ServiceTitan was founded in 2012 and has raised more than $1.5 billion in venture capital from firms including Iconiq, Bessemer, and Coatue, among others.
Or read this on TechCrunch