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 2022 revenue of about $460 million, 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.
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