Form 4: Bessemer Funds Divest ServiceTitan Shares

Bessemer Venture Partners and affiliates sold over 41,000 shares of ServiceTitan Class A Common Stock in early October 2025.

Summary

• Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC (collectively, the "Bessemer Funds"), along with Cloud All Star Fund, LP, Deer VIII & Co. Ltd., and Deer VIII & Co. L.P., reported sales of ServiceTitan, Inc. Class A Common Stock.
• On October 9, 2025, the Bessemer Funds sold a total of 40,763 shares of Class A Common Stock at a weighted average price of $101.37 per share, with prices ranging from $101.00 to $101.80.
• On October 10, 2025, the Bessemer Funds sold an additional 492 shares of Class A Common Stock at a weighted average price of $101.33 per share, with prices ranging from $101.10 to $101.496.
• These transactions were made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.
• Following these sales, the Bessemer Funds and Cloud All Star Fund, L.P. collectively beneficially own 7,089,795 shares of Class A Common Stock indirectly.
• Specific post-sale holdings are: BVP VIII (3,808,157 shares), BVP VIII Inst (3,830,146 shares), 15 Angels (170,944 shares), and Cloud All Star Fund, L.P. (189,399 shares).

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be viewed negatively, the execution under a Rule 10b5-1 plan suggests a pre-planned liquidity event rather than a bearish signal on the company's future prospects. The prices achieved were also robust.

Positives

• The reporting persons realized significant value from their investment, selling shares at prices over $101 per share.
• The sales were conducted under a Rule 10b5-1(c) plan, indicating a pre-scheduled liquidity event rather than a reaction to recent negative company performance.

Negatives

• Significant insider selling by a 10% owner and director group could be perceived negatively by the market, potentially signaling a lack of further upside or a desire to reduce exposure.

Risks

• NA

Future Outlook

NA

Industry Context

NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• The sales of Class A Common Stock were conducted by a group of related entities, including Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC, which are all part of the broader Bessemer Funds structure. Deer VIII & Co. L.P. is the general partner of BVP VIII and BVP Inst VIII, and Deer VIII & Co. Ltd. is the general partner of Deer VIII L.P. Certain affiliates of the Bessemer Funds also own a material interest in Cloud All Star Fund GP, LLC, the general partner of Cloud All Star Fund, L.P. These entities and their controlling individuals (Byron Deeter, David Cowan, Jeremy Levine, Robert P. Goodman, Scott Ring, Sandra Grippo, and Robert M. Stavis) collectively hold voting and dispositive power over the shares.

Stakeholder Impact

• Shareholders may react to the sale of shares by a significant 10% owner and director group, potentially leading to short-term price volatility, although the pre-planned nature of the sales mitigates some of the negative signaling.

Next Steps

• NA

Key Dates

Recommendation

The recommendation is 'hold' because the filing reports pre-planned insider sales by a venture capital fund and its affiliates, which are primarily liquidity events. While the sale of a significant number of shares by a 10% owner and director group could be perceived negatively, the execution under a Rule 10b5-1 plan suggests it's not a direct signal of deteriorating company fundamentals. There is no new information in this filing that would fundamentally alter the investment thesis for ServiceTitan, warranting a 'buy' or 'sell' recommendation based solely on this report.

Keywords

ServiceTitan, TTAN, Bessemer Venture Partners, Insider Sale, Form 4, Equity Transaction, 10b5-1 Plan, Venture Capital, Software