Business management software company SingleOps has received a $74 million growth equity investment led by San Francisco-based FTV Management Company LP.
The funding will be used to expand the company’s platform features and hire across all departments. Previous investor growth equity firm Five Elms Capital also participated. The raise comes as investors have started pulling back from tech due to the economic downturn. As a result, many startups are prioritizing profitability over growth.
SingleOps currently has 85 full-time employees and looks to surpass 100 by the end of the year.
SingleOps is a business management software for outdoor service industries. Its customers span industries such as tree care, lawn care, landscape supply and landscaping. The company declined to state how many customers it has but serves mid-market sized companies to enterprises.
FTV pursued the investment, said CEO Sean McCormick, because players in the landscaping industry have been slow adopters of modern payment solutions. That provides SingleOps with a huge market opportunity.
According to industry research firm IBISWorld, the market size for landscaping services in the U.S. in 2022 stands at over $128 billion. That number is an increase from approximately $70 billion a decade ago, according to the firm.
Metro Atlanta is one of the best geographic markets for the industry the company serves, McCormick said.
The city has more urban canopy tree coverage than any other metropolitan area that has studied the canopy, according to nonprofit Trees Atlanta. That requires landscaping. Plus, the city has a strong reputation as a leader in payment processing, a service that SingleOps also provides its customers.
The latest round brings the company’s total funding to just over $82 million, said McCormick. Serial entrepreneur David Cummings invested $1 million in seed funding into the company in 2017. In 2020, the company raised $6 million in a Series B round led by Five Elms Capital.
The company was included in this year’s Pacesetter Awards by the Atlanta Business Chronicle as the 87th fastest-growing private Atlanta company. The company reportedly had a 182.31% increase in revenue and a 100% increase in employees from 2019 to 2021.
The company has been able to maintain 100% growth in revenue year-over-year since 2017, said company president Taylor Gould.
Around six months ago, the company moved from its Buckhead office at the Piedmont Center to the PwC building at 1075 Peachtree St. in Midtown.
