Sydney software proptech Sitemate has raised $7.5 million in a pre-Series A for its no code platform for the construction sector.
Marbruck Investments led the round, with participation from existing investors including Blackbird Ventures and Artesian.
It’s 15 months since Sitemate raised $5.2 million in a round let by Blackbird, and since the the business has opened a North American office, doubled its presence in Europe, and posted strong growth in Australia and New Zealand.
The business now counts Boral, John Holland, Downer, Transgrid and Siemens Energy as customers, building software platforms to streamline paperwork and processes for the construction industry.
The software company’s other backers include Shearwater Capital, Tim Doyle of Eucalyptus and Rory San Miguel of Propeller.
Sitemate began life as Dashpivot in 2015, with cofounders Hartley Pike, a civil engineer, and Sam McDonnell, taking part in the UTS startup program before rebranding as Construction Cloud. Two years later, they were selected for Startmate and went on to raise $1.3 million in 2018 as Sitemate.
In the last 18 months, it’s grown from 18 employees to more than 70, and with the fresh capital, Pike, Sitemate’s CEO, said they plan to double the size of their global team by the end of 2024.
“We believe that companies operating in the built world will soon be operating like technology companies – they’ll be using a series of best in class tools, all seamlessly integrated,” he said.
“Whilst fundraising for this round, we received term sheets from US investors for a full Series A. We decided to take a smaller amount given how capital efficient the business is and to continue to build the engine. We’re approaching escape velocity, but we wanted to tweak and tinker with a couple of key levers before we really turn the taps on.”
Blackbird’s Tom Humphrey, who first saw the business six years ago when he was running Startmate, said Sitemate’s performance has been impressive.
“The team has built a strong culture and has been firing on all cylinders in executing on their product roadmap and customer growth,” he said.
“Raising this round in such a challenging funding market is full credit to the team’s execution and their impressive growth and capital efficiency to date.”
Sitemate recently released its second software platform, the Flowsite Integrations Cloud, an integration and automation platform to connect with existing finance, accounting, job management, CRM and data analytics software. The initial platform, the Dashpivot Systems Cloud, digitises systems, processes and field records such as site diaries and reports, checklists, inspections and permits. More integrations are planned.