ServiceChannel Announces $54 Million in Funding from Accel

Investment by leading venture capital firm signals a new era for facilities management and service automation

NEW YORK – May 02, 2017 – ServiceChannel, the leading SaaS platform and vertical marketplace for facilities management, today announced a $54 million growth financing round led by Accel, a leading early and growth-stage venture capital firm. This new funding will be used to help the company accelerate the transformation of an $85 billion facilities and contractor management market to a more modern, data-driven and automated approach. Accel partners Rich Wong and Arun Mathew will join the ServiceChannel Board of Directors.

“We are thrilled to be working with Accel to accelerate our exciting product roadmap and fully realize our mission to provide greater visibility, transparency, intelligence and automation to facilities managers and commercial contractors around the world,” said Tom Buiocchi, ServiceChannel CEO. “Accel has backed category-defining software leaders including Atlassian, Qualtrics, Slack, Cloudera and Checkr, as well as consumer internet businesses such as Facebook, Supercell, Flipkart, Jet and Etsy. Above all, they truly appreciate how modern software can deliver unprecedented benefits and insights to our customers and service provider partners.”

ServiceChannel provides a cloud-based solution that automates facilities management professionals’ ability to source, measure, benchmark, manage and pay for contractor-delivered services across a wide range of trade specialties. The company initially gained broad acceptance with leading global brands in the retail, restaurant, and convenience store categories, and is now expanding to distributed enterprises in financial services, grocery, logistics, healthcare, and storage space management. Key company metrics to date include:

• 450+ customers, representing 220,000 locations, with a presence in over 70 countries
• 50,000 commercial contracting companies participating in the ServiceChannel marketplace
• $5 billion of customer spend processed and managed annually
• More than 70 million work orders processed for customers and contractors, comprising the largest data set of its kind in the world
  

“ServiceChannel is the first company in the industry to provide a truly modern, data-driven transaction engine and system of record to manage facilities and engage contractors”, said Accel partner, Arun Mathew. “ServiceChannel is already the industry standard for retailers and restaurants, and has become the industry’s unparalleled source of data and reference,” continued Rich Wong, Accel partner. “We look forward to helping the company take the next steps in broadening its market presence and extending its leadership.”

Benefits of the ServiceChannel solution include lower costs, improved service quality, increased compliance, and unprecedented transparency, and insights into facilities programs through access to objective data.  Most recently, the company introduced the first-in-the-industry machine learning and prescriptive analytics capabilities to its core platform; its new Decision Engine technology analyzes data drawn from tens of millions of work orders across industries and geographies to help users make faster and better decisions.

Additional Resources

•      Follow ServiceChannel @ServiceChannel
•      Join ServiceChannel on Facebook
•      Connect with ServiceChannel on LinkedIn
•      Read the ServiceChannel Blog
•      Download the e-book “What You Need to Know to Succeed in Facilities Management in 2020”

About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify, Supercell, and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.

About ServiceChannel

ServiceChannel provides facilities managers with a single platform to source, procure, manage and pay for repair and maintenance services from commercial contractors across their enterprise. By delivering unprecedented transparency and data-driven analytics of service quality, across all trades, locations and contractors, facilities managers drive significant brand equity and ROI for their organizations without outsourcing or investing in new infrastructure. The world’s leading global brands use ServiceChannel solutions daily to help optimize millions of transactions and billions of dollars of spend annually.