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FUNDING • • 3 min read

Serval Raises $150M Series C at $3B Valuation, Led by Sequoia, to Take On ServiceNow

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Serval, an AI enterprise service management platform, raised a $150 million Series C at a $3 billion post-money valuation led by Sequoia, the company announced on October 29. That is 3x the $1 billion valuation of its $75 million Series B in December 2025, Fortune reported. Total funding is now $277 million.

The round

It is Serval's third round in 12 months, after a Series A announced in October 2025 and the Series B, which Sequoia also led. Existing investors Elad Gil, Evantic, First Round, General Catalyst and Redpoint returned. Conviction and Headline are new investors. CEO Jake Stauch told Fortune the back-to-back raises were "opportunistic" and that Serval has "years and years of runway."

Growth claims

Serval says its annual recurring revenue has doubled every quarter since the Series B but has not disclosed dollar figures. It says two Fortune 20 customers signed on in recent months, and it names Fox Corporation, WPP, Live Nation and Ramp as customers. Headcount rose from about 20 in January to about 200, according to Fortune, and Stauch expects at least 700 by the end of 2027. The company says it plans to hire more than 500 people.

Taking on ServiceNow

Serval calls ServiceNow its main competitor. It cites an auto manufacturer that moved its ITSM, CMDB and hardware and software asset modules from ServiceNow to Serval in 45 days. "It was just a fight that we decided to pick," Stauch told Fortune. Sean Regan, general manager of Flow by ServiceNow, said in a statement to Fortune: "Anyone can build a great demo. Running mission-critical operations for a global enterprise ... is the hard part."

Use of funds

The money will go into Catalyst, Serval's automation agent for non-engineering teams, and into ProServal, a new services unit that plans to embed more than 100 "Automation Engineers" inside customers over the next 12 months.

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