ServiceBench Closes $7.3 Million Led by Valhalla Partners

ServiceBench a leading provider of on-demand service management solutions, announced recently it has raised a $7.3 Million Series D Venture Capital investment led by Valhalla Partners with an additional co-investment from JMI Equity which has previously been an investor in the company. Existing investors also include NextGen, WWC, WomenAngels.net, Washington Dinner Club and others.  The round will be used to strategically pursue new market opportunities and drive expansion in the U.S. and worldwide. 

ServiceBench Service Management has helped some of the world’s largest companies make an essential shift to post-sales service for profit and competitive advantage. Founded in 2000, ServiceBench currently processes 40 million transactions per year between blue chip customers and 35,000 service chain partners in North America, Latin America and Europe – highlighting the growing need for on-demand Service Management. In 2005, ServiceBench was recognized by Deloitte as one of the 500 fastest growing technology companies in North America, named in the Washington SmartCEO Future 50 and listed by Manufacturing Business Technology magazine as one of 40 emerging software vendors.  

“ServiceBench has built its business through strong industry partnerships that have helped us accurately forecast customer needs and proactively develop solutions that meet these requirements head on,” stated Michael Dering, President and CEO, ServiceBench. “With a track record in vertical market development and proven technology, ServiceBench is poised as a leading provider of Service Management solutions. This capital infusion will accelerate the next phase of our growth into new markets and enable global expansion.” 

“After appraising the value of ServiceBench’s comprehensive product line, notable client roster and growing market potential, Valhalla was eager to add ServiceBench to its portfolio,” stated Hooks Johnston, General Partner, Valhalla Partners. “This investment underscores our commitment to working with pioneering companies that are shaping an increasingly robust future for the technology industry.” 

“This round with Valhalla Partners reaffirms the wise choice we made in our previous investment in ServiceBench and demonstrates their growth and market valuation,” according to Bob Smith, General Partner, JMI Equity Fund.  “I look forward to working with Mr. Johnston as part of the ServiceBench Board to help this key portfolio company power its momentum and continue building market leadership.”