Our best days at boldstart are when we get to meet product obsessed founders who are creating new categories or re-imagining the world of enterprise software. Service management is a huge category that every enterprise from Chase to Google to CVS uses to manage their facilities, remove snow from parking lots, fix HVAC systems, and select janitorial services for their locations. Before UtilizeCore, service management companies delivered these services through networks of sub-contractors and performed millions of jobs a year through paper, pens, and emails and in some cases antiquated software. This is just a huge opportunity waiting to be disrupted if a team could also solve the GTM challenge.
Historically, new technology approaches to this market were addressed by retrofitting existing help desk applications to help manage “tickets” or consumer type marketplaces that missed the needs of true enterprise scale applications. Additionally, several applications were required to manage, onboard and pay vendors. Rethinking this as an automation first application where new services from vendor onboarding to payment could be integrated into one easy to use service native platform makes our customers lives easier and makes their businesses more profitable.
We were introduced to the founders of UtilizeCore by Jeff Leventhal, a venture partner with deep expertise in the space as a founder of venture-backed companies like WorkMarket and OnForce. In our first meeting, we were immediately blown away with the depth of the product and it was clear the founding team of UtilizeCore (Ryan Gottfried, Jason Kwait, Johnny Zu) had deep roots in the market. In fact, both Ryan and Jason grew up around entrepreneurs in the service management industry as Ryan’s father started ServiceChannel and Jason’s family started what is now one of the largest HVAC service firms on the east coast.
Through this empathy with the customer, UtilizeCore has built a product that its users can’t live without helping service management firms work with their corporate customers, schedule work orders, manage their human resources, invoice, report on work done, and collect payments. In short, UtilizeCore has built an indispensable product that allows service management companies to sell more at higher profit margins. So it wasn’t surprising when we discovered that customers want more and they are already generating impressive revenue, despite being bootstrapped to date. Today, over 50,000 companies have processed more than $2,000,000 of work orders through UtilizeCore and greater than $1.3 billion worth of managed services have flowed through their platform.
We are thrilled to be partnered with the team at UtilizeCore, leading their first round and joining their mission to streamline work for millions of service providers, enterprises, and management companies around the world. You can read more about them in Business Insider here.