ServiceUp raises $55M in funding

ServiceUp, a Los Gatos, California-based tech platform for fleets and insurers to manage vehicle repairs, has raised $55 million in series B funding.

The round was led by PeakSpan Capital, with participation from existing investors Hearst Ventures, Trestle Partners, Capital Midwest Fund and Litquidity Ventures, bringing the company’s total funding to date to $70 million.

Founded in 2021, ServiceUp started by managing repairs for individual drivers with a simple model: Pick up the car, get it repaired and return it.

According to ServiceUp, it quickly realized fleets and insurers were stuck with outdated processes, disconnected vendors and no real visibility into repairs, which presented a bigger problem and greater opportunity for the new company, which expanded into the B2B market. Today, ServiceUp is a repair partner for fleets, insurers and shops across the country.

"We’re not here to slightly improve vehicle repair management. We’re rebuilding it from the ground up,” ServiceUp co-founder and CEO Brett Carlson says. “Every delay, every unknown, every wasted hour—we’re eliminating all of it with tech and automation.

“This raise gives us the fuel to move faster, go bigger and keep pushing the auto repair industry forward."

ServiceUp says managing the entire repair process can be one of the most painful parts of running a fleet or processing claims—shops lack updates, data is scattered and repairs stall with no clear owner. ServiceUp solves that by managing the entire process from pickup to delivery, while giving teams real-time visibility and control.

The platform delivers efficiency by eliminating manual follow-ups, provides transparency through live repair tracking and offers oversight with a centralized dashboard, ServiceUp says. Collision, maintenance and mechanical repairs all flow through one system designed to reduce delays and speed up results.

According to the company, across its customer base, ServiceUp has reduced repair cycle times by more than 30 percent.

“Auto repair has remained one of the last great black boxes in the modern economy—fragmented, opaque and bogged down by outdated workflows and siloed point solutions,” says Jack Freeman, partner at PeakSpan Capital, with offices in New York and California. “It’s a system that frustrates fleet operators, drains productivity and kills margin for insurers and service providers. ServiceUp is dismantling that model. They’ve built the first truly intelligence-driven system of engagement for the automotive repair space—redefining how the entire ecosystem connects, communicates and operates.”

With this latest capital raise, ServiceUp says it will grow its team, enter new markets and accelerate development of Connect—a SaaS, or software as a service, configuration that gives fleets and insurers self-service control over repairs. Connect centralizes workflows across a customer’s existing shop network, while ServiceUp 360 provides full-service repair coordination.