Form 4: Bessemer Venture Partners Entities Divest Over 12,000 ServiceTitan Class A Common Shares

Entities affiliated with Bessemer Venture Partners, including Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., and 15 Angels II LLC, sold a total of 12,225 shares of ServiceTitan, Inc. Class A Common Stock across two transactions in July 2025.

Summary

• Bessemer Venture Partners VIII L.P. (BVP VIII), Bessemer Venture Partners VIII Institutional L.P. (BVP VIII Inst), and 15 Angels II LLC (15 Angels), collectively referred to as the 'Bessemer Funds', reported sales of ServiceTitan, Inc. Class A Common Stock.
• On July 8, 2025, the Bessemer Funds sold a combined total of 879 shares of Class A Common Stock at a weighted average price of $110.54 per share, with prices ranging from $110.50 to $110.58.
• Specifically, on July 8, 2025, BVP VIII sold 390 shares, BVP VIII Inst sold 469 shares, and 15 Angels sold 20 shares.
• Following the July 8, 2025 transaction, the indirect beneficial ownership of the reporting persons was 8,071,328 shares.
• On July 9, 2025, the Bessemer Funds sold an additional combined total of 11,346 shares of Class A Common Stock at a weighted average price of $110.65 per share, with prices ranging from $110.50 to $111.19.
• Specifically, on July 9, 2025, BVP VIII sold 5,029 shares, BVP VIII Inst sold 6,047 shares, and 15 Angels II sold 270 shares.
• After both sales, the total indirect beneficial ownership of Class A Common Stock by the reporting persons is 8,059,982 shares.
• Individual holdings after the sales are: BVP VIII with 3,571,026 shares, BVP VIII Inst with 4,294,676 shares, 15 Angels with 191,810 shares, and Cloud All Star Fund, L.P. (CASF) with 2,470 shares.
• The reporting persons are identified as a Director and 10% Owner of ServiceTitan, Inc.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be perceived negatively, these transactions represent a very small percentage of the total holdings by a large institutional investor, suggesting routine portfolio management rather than a bearish signal on the company's prospects. The prices achieved are also consistent with recent trading ranges.

Negatives

• Entities affiliated with a 10% owner and director sold a total of 12,225 shares of Class A Common Stock over two days, which represents a reduction in their holdings.

Risks

• The sale of shares by a significant shareholder and director could be perceived negatively by the market, potentially indicating a lack of confidence or a strategic portfolio rebalancing.

Future Outlook

The document, a Form 4, does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing reflects an insider transaction by a significant institutional investor in a software company, common in the technology sector where venture capital firms often hold substantial stakes post-IPO and may periodically adjust their positions for portfolio management or liquidity purposes.

Comparison to Industry Standards

• Insider selling, particularly by large institutional investors or venture capital firms, is a common occurrence in the technology and software industry as funds mature and seek to realize returns for their limited partners. The scale of this sale (12,225 shares) is relatively small compared to the total beneficial ownership (over 8 million shares), suggesting it may be part of routine portfolio management rather than a significant divestment.
• For example, similar sales are frequently observed from venture capital firms like Andreessen Horowitz or Sequoia Capital in their portfolio companies post-IPO, often executed via Rule 10b5-1 plans to ensure compliance and orderly market sales.

Related Party Transactions

• The filing details the complex indirect beneficial ownership structure involving Bessemer Venture Partners VIII L.P., Bessemer Venture Partners VIII Institutional L.P., 15 Angels II LLC, Cloud All Star Fund, LP, Deer VIII & Co. L.P., and Deer VIII & Co. Ltd., indicating various affiliated entities and their general partners/directors have voting and dispositive power over the shares.

Stakeholder Impact

• Shareholders: The sale by a significant institutional investor could lead to minor short-term price volatility, but given the small percentage of total holdings sold, the long-term impact on existing shareholders is likely minimal.
• Employees, Customers, Suppliers, Creditors: This transaction is unlikely to have any direct impact on these stakeholders as it pertains solely to a change in beneficial ownership of shares by an investor, not the company's operations, financial health, or strategic direction.

Key Dates

Keywords

ServiceTitan, TTAN, SEC Form 4, Insider Trading, Stock Sale, Beneficial Ownership, Bessemer Venture Partners, Institutional Investor, Class A Common Stock