Iconiq Growth Gains More Than $1 Billion in ServiceTitan IPO

Iconiq Growth, a leading investment firm focused on growth-stage technology companies, has realized significant gains from the recent initial public offering (IPO) of ServiceTitan, a home services software provider. The IPO, which took place on December 12, 2024, saw ServiceTitan's stock price surge by 42% on its first trading day, reaching $101 per share. This impressive performance has resulted in substantial returns for Iconiq Growth, with the firm's stake in ServiceTitan valued at over $1 billion.

Iconiq Growth's success in the ServiceTitan IPO can be attributed to its strategic focus on building relationships and providing proprietary insights. By partnering with category-leading companies from early stages to IPO and beyond, Iconiq Growth has cultivated a network of visionary founders and leaders who drive global impact and change. This approach enables the firm to forge meaningful relationships crucial for building enduring companies and achieving ambitious goals. Additionally, Iconiq Growth empowers its portfolio companies with data-driven insights to inform decision-making across business operations and strategy, as demonstrated by its interactive benchmarking tool, Compass.



Iconiq Growth's approach to balancing growth with operational efficiency has also been instrumental in its investment strategy for ServiceTitan's IPO. The firm focuses on strategic and commercial introductions, high-impact introductions, and executive and board level searches to support its portfolio companies in forging meaningful relationships crucial for building enduring companies and achieving ambitious goals. This approach aligns with Iconiq Growth's commitment to partnering with category-leading companies from early stages to IPO and beyond, as seen in its 2024 Year in Review. By empowering founders with data-driven insights and connecting them with influential industry leaders, Iconiq Growth enables its portfolio companies to scale effectively and efficiently, as demonstrated by ServiceTitan's successful IPO.



Iconiq Growth's strategic investment timing and allocation have played a crucial role in its substantial returns from the ServiceTitan IPO. The firm invested in ServiceTitan's Series B round in 2016, demonstrating its early recognition of the company's potential in the home services software sector. By 2024, ServiceTitan's valuation had grown significantly, reaching $10 billion at the time of its IPO. Iconiq Growth's decision to hold onto its shares until the IPO allowed it to capitalize on this growth, ultimately realizing returns of over $1 billion. This strategic approach highlights the importance of long-term investment horizons and patience in reaping substantial rewards.

Bessemer Venture Partners (BVP) also played a pivotal role in ServiceTitan's growth and IPO success. BVP was an early investor in ServiceTitan, participating in the company's Series A funding round in 2013. Their involvement provided crucial capital and strategic guidance, enabling ServiceTitan to expand its offerings and customer base. BVP's support helped ServiceTitan achieve a $76 billion valuation in 2022, and their continued backing contributed to the company's successful IPO in 2024, which saw BVP's stake increase to 11.9%. BVP's early involvement and long-term commitment to ServiceTitan demonstrate their ability to identify and nurture promising startups, ultimately reaping significant returns for their investors.

In conclusion, Iconiq Growth's success in the ServiceTitan IPO is a testament to the firm's strategic focus on building relationships and providing proprietary insights. By balancing growth with operational efficiency and employing a long-term investment strategy, Iconiq Growth has generated substantial returns for its investors. The firm's approach to supporting portfolio companies and fostering meaningful relationships has proven instrumental in driving the success of companies like ServiceTitan. As Iconiq Growth continues to partner with category-leading companies, it is well-positioned to capitalize on future opportunities in the technology sector.