Last week, ServiceTitan (NASDAQ:TTAN) went public at an IPO price of $71/share. Trading soon drove the price per share much higher. Today, ServiceTitan closed at over $108 a share (over $110 in after-hours trading). This also follows the exercise of the Greenshoe option by underwriters.
While this may be an encouraging sign for the IPO market, it was also good news for Fundrise, who reported ServiceTitan as being its first portfolio firm to go public, thus generating an exit opportunity for investors.
Fundrise is best known for its real estate funds or eREITs, but the platform added an early-stage fund as an option for investors leveraging the years of experience it had with managing real estate-focused funds.
In an email distributed by Fundrise, founder and CEO Ben Miller shared that ServiceTitan is a significant milestone for its Innovation Fund.
The ServiceTitan story is the classic story of entrepreneurship in America. Founded by the sons of first-generation immigrants, ServiceTitan started as an idea to help those who worked in the trades and has since grown to become the leading cloud-based SaaS software for the industry. Despite serving over 100k customers, the company is arguably still early in its journey with a $1.5 trillion target market that remains largely underserved by technology. As both an investor in the company and a beneficiary of the product (through the contractors and vendors we work with), we’re thrilled to see what the future holds for one of the great startup success stories of the past decade.”
In the two years since its lawn, Miller reports that the Innovation Fund has grown to a $150 million portfolio that includes “most, if not all, of the top private technology companies in the country.”
Fundrise investors were able to participate in ServiceTitan at $65 a share. While it is not clear if or when Fundrise exited the position, Miller noted that shares immediately traded at around $101/share or a 42% gain.
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