Sera Systems Inc., a Grapevine-based SaaS service for small-to-large size HVAC, plumbing, and other field service businesses, has closed what it called “an eight-figure Series B funding round,” composed entirely of private equity from the field service industry it serves—owners of home service businesses.
While not releasing the exact amount, Sera said it closed the oversubscribed funding round with a market cap three times the value the company had at the close of its Series A round in November 2021.
“As field service business owners themselves, these investors know better than anyone how effective Sera is,” CEO and founder Billy Stevens said in a statement. “They fully appreciate the impact Sera is having on the industry and they want to be part of it.”
Stevens said the funding is a result of Sera’s continued strong growth and recognition of its unique ability to boost its customers’ operating margins by more than 40% within six months after installing Sera.
He said the Series B round was oversubscribed because demand was greater than the amount the company was looking for.
“We actually had people calling us, so we increased the ceiling to help accommodate the demand,” he said.
Provides efficiency gains by automating scheduling, dispatching, and more
Sera said it provides efficiency gains by automating routine tasks such as scheduling and dispatching. It says its field service management software is the first in the industry designed to ensure that higher efficiency results in increased profitability by incorporating each subscribing business’ financial data.
Another unique capability is the company’s ability to track each minute of each employee’s time to provide an accurate assessment of job time efficiency, Sera said.
Stevens added that investors have been impressed with how easy Sera is to learn and use, which makes it popular with employees.
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