‘It was just a fight that we decided to pick’: Serval raises $150 million at a $3 billion valuation to take on ServiceNow
Source: Fortune ·
Sequoia led the $150 million round and is doubling down. ServiceNow says AI makes it easier to build a startup, not to run an enterprise.
From the source
Jake Stauch has a theory about the prison yard. On your first day, you find the biggest guy and beat him up. “It was just a fight that we decided to pick,” Stauch, the CEO and co-founder of Serval, told Fortune. The biggest guy is ServiceNow. Serval’s ads go after it by name, its sales pitch is built around replacing it, and even the company names sound similar. Stauch said that last part is a coincidence. “I really like the cat name.” The fight now comes with a price tag. Serval has raised $150 million at a $3 billion valuation, its third round in 12 months, bringing its total funding to $277 million. Sequoia led the Series C, as it led the $75 million Series B in December that valued Serval at $1 billion. Elad Gil, Evantic, First Round, General Catalyst and Redpoint came back, and Conviction and Headline joined. Serval had about 20 employees in January this year, and are about 200 now. They’re scaling fast: Stauch expects at least 700 by the end of next year. Disclosure: ServiceNow…