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Sydney-headquartered no-code software company Sitemate has announced a successful $7.5 million pre-Series A raise as part of plans to double the size of its global go-to-market (GTM) team by the end of 2024, building on significant momentum for its offerings that help heavy industries better manage and digitise their processes.
From Sitemate's eponymous app that enables data collection and attendance records for workforce personnel, through to systems streamliner Dashpivot, the company's software has attracted clients including Bouygues Construction, Downer, John Holland, Fulton Hogan and many more globally.
Since undertaking a $5.2 million raise in August 2022 which was led by Blackbird Ventures, Sitemate has established a North American office, doubled its presence in Europe, and has continued to experience strong growth in Australia and New Zealand.
The company, which came out of the University of Sydney’s startups program in 2015 and was previously known as Construction Cloud, notes in the past 18 months its number of employees has increased from 18 to more than 70.
"Sitemate’s performance has been incredibly impressive. The team has built a strong culture and has been firing on all cylinders in executing on their product roadmap and customer growth," says Blackbird principal Tom Humphrey, who adds that raising in such a challenging funding climate is "full credit to the team’s execution and their impressive growth and capital efficiency to date".
Sitemate co-founder and CEO Hartley Pike says the latest round - led by Marbruck Investments with participation from existing investors including Blackbird Ventures and Artesian - garnered term sheets from US investors for a full Series A, but a more cautious path has been chosen to focus on product.
"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," says Pike, who co-founded the company with Sam McDonnell.
"We will be doubling the size of our GTM teams in Oceania, Europe and North America between now and the end of 2024 in line with what is working and showing strong unit economics."
Marbruck Investments Principal Lachlan Clough emphasised the strategic rationale for backing Sitemate.
"Sitemate’s platform is a game-changer for the built world globally, addressing critical inefficiencies in workflow and compliance that have long burdened the industry," says Clough.
"The company’s scalable tooling architecture and world-class net revenue retention metrics place Sitemate in a formidable position for both domestic and international scale."
Sitemate recently released its second software platform, the Flowsite Integrations Cloud, the first fully dedicated no code integration and automation platform designed specifically for the built world.
Flowsite connects Sitemate’s flagship platform, the Dashpivot Systems Cloud, with other built world tools including Xero and PowerBI, with more integrations to come soon.
"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," says Pike.
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