ServiceChannel Raises $54 Million from Accel

NEW YORK – ServiceChannel, a software-as-a-service platform for facilities management, has raised a $54 million growth financing round led by venture capital firm Accel. The company will use the funding to 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.”