Autotech Startup ServiceUp Lands $55M In Series B Funding

ServiceUp, a platform that automates and manages the vehicle repair process, has raised $55 million in a Series B round of funding led by PeakSpan Capital, the company told Crunchbase News.

The financing brings ServiceUp’s total raised since its 2021 inception to nearly $70 million. The company declined to reveal its valuation, noting only that it was “a significant step up” from its $14.5 million Series A in 2022. Tiger Global Management led that round.

Existing backers Hearst Ventures, Trestle Partners, Capital Midwest Fund and Litquidity Ventures also participated in ServiceUp’s latest raise.

Brett Carlson and Brett Dashe founded the Los Gatos, California-based startup “because vehicle repair was stuck in the past.” They operated under the premise that managing the repair process is “one of the most painful parts of running a fleet or processing claims.”

“It was slow, manual and full of frustrating back and forth,” Carlson told Crunchbase News in an email interview. “For fleets and insurance carriers, that meant lost time, lost money and operational headaches.”

ServiceUp aims to offer a centralized platform so fleets and insurance carriers can manage the repair process in one place, including repair approvals, vendor management, live repair tracking, billing and data insights.

For customers who want to fully offload the repair process, the company offers ServiceUp 360, its managed service where it handles everything — including vehicle pickup and delivery — on behalf of its customers.

ServiceUp is just one of nearly 240 automotive-related startups that have raised about $3.5 billion in venture funding globally in 2025 so far, per Crunchbase data. Birmingham, Alabama-based Fleetio, a web-based fleet management system, raised the largest of the bunch — a $450 million Series D financing at a $1.55 billion valuation.

In 2024, ServiceUp experienced 180% year-over-year revenue growth, according to Carlson. While the company is not yet profitable, he projects that it will be by 2026.

Today, ServiceUp has more than 50 customers across the fleet and insurance industries, including Zipcar, Voyager Global Mobility, Clearcover and Kyte.

The company makes money in two ways: For customers using its software, ServiceUp charges a SaaS fee; for those opting for managed ServiceUp 360, it charges a service fee “to cover coordination, logistics, and quality control, “ Carlson said.

It claims to have reduced repair cycle times for its customers to date by more than 30%.

Carlson believes ServiceUp’s main differentiator is that it is solely focused on managing the full repair process for fleets, specifically mechanical and collision repairs.

“In the insurance space, large carriers often have direct repair program (DRP) networks, while smaller carriers are typically left without a scalable solution,” Carlson told Crunchbase News. “ServiceUp fills that gap by providing a purpose-built platform that manages the entire repair lifecycle with transparency, automation, and speed.”

ServiceUp plans to use its new capital to add more automation and artificial intelligence to the platform and expand into Canada and other states in the U.S. by next year. Presently, the company has 63 employees.

Jack Freeman, partner at PeakSpan Capital, believes that ServiceUp “is not just building another solution for corporate fleets.”

“They have a differentiated vision and are re-imagining how automotive collision repair should look and feel,” he told Crunchbase News via email. “They … craft solutions that make a substantial difference through enhancing visibility, decreasing downtime, and driving cost savings. ServiceUp helps corporate fleets level up.”