A technology platform supporting vehicle repair management for rental, commercial, and logistics fleets has raised $55 million in venture backing, says California-based ServiceUp.
The “series B” round was led by PeakSpan Capital, with participation from existing investors Hearst Ventures, Trestle Partners, Capital Midwest Fund, and Litquidity Ventures. This brings the company’s total funding to date to $70 million.
With its latest capital raise, ServiceUp plans to grow its team, enter new markets, and accelerate development of Connect — a SaaS configuration that gives fleets and insurers self-service control over repairs.
According to the four-year-old firm, managing the entire repair process is one of the most painful parts of running a fleet or processing claims. That’s because shops lack updates, data is scattered, and repairs stall with no clear owner. ServiceUp says it solves that by managing the entire process from pickup to delivery, while giving teams real-time visibility and control.
“Auto repair has remained one of the last great black boxes in the modern economy — fragmented, opaque, and bogged down by outdated workflows and siloed point solutions,” Jack Freeman, Partner at PeakSpan Capital, said in a release. “It’s a system that frustrates fleet operators, drains productivity, and kills margin for insurers and service providers. ServiceUp is dismantling that model.”
