ServiceTitan Burned $170 Million in Cash in 2022

ServiceTitan, a startup that sells software to help plumbers and electricians run their businesses, burned through more than $170 million in cash last year, according to an email sent to employees.

The red ink amounted to more than a third of ServiceTitan’s $460 million in revenue for the 12 months ending in January, the email revealed. The previously unreported financial details demonstrate the challenges facing ServiceTitan, which raised money in mid-2021 from investors including Tiger Global Management at a valuation of $9.5 billion but whose valuation has fallen sharply since then.