Total amount raised
$18.4 Million
Latest funding date
02/01/2022
Location
Siteline has successfully raised funding over two rounds, with Menlo Ventures and Designer Fund among its notable investors. The latest funding round was a Series A, highlighting the growing interest in Siteline's innovative billing solutions for trade contractors.
Designed specifically for subcontractors, Siteline's platform centralizes and visualizes the entire billing workflow, helping to eliminate payment delays and improve cash flow. Keep reading to explore the intricacies of Siteline's fundraising journey and the investors backing this transformative platform.
What Is Siteline?
Siteline is a private company based in San Francisco, California, specializing in billing solutions for trade contractors. The company operates within the billing, construction, finance, and payments industries and has an employee count ranging from 11 to 50.
Designed to streamline the billing process for subcontractors, Siteline's platform offers features like pay app management, lien waiver management, and vendor management. The software aims to reduce payment delays and improve cash flow management, integrating seamlessly with accounting systems and GC payment portals.
How Much Funding Has Siteline Raised?
- Seed Round
- Amount Raised: USD 3,400,000
- Date: January 2019
- Lead Investors: First Round Capital, Brick & Mortar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development, product-market fit, and initial market entry.
- Series A
- Amount Raised: USD 15,000,000
- Date: February 2022
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Siteline's sales, marketing, recruiting, engineering, and product teams.
Total Amount Raised: USD 18,400,000. Current Valuation: Not publicly disclosed.
Key Investors
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm with a 43-year history, managing $5.5 billion in assets. They invest in Consumer, Enterprise, and Healthcare sectors.
- Investment Focus Areas: Consumer, Enterprise, Healthcare
- Notable Investments: Uber, Roku, Warby Parker
- First Round Capital
- Details: First Round Capital is an early-stage venture capital firm that helps startups tackle company-building firsts. They provide tailored programs, a vibrant community, custom-built software, and unique company-building advice.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Uber, Square, Warby Parker
- Brick & Mortar Ventures
- Details: Brick & Mortar Ventures is an early-stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in innovative software and hardware solutions for architecture, engineering, construction, and facilities management.
- Investment Focus Areas: Architecture, Engineering, Construction, Facilities Management
- Notable Investments: PlanGrid, Levelset, BuildingConnected
- Designer Fund
- Details: Designer Fund invests in early-stage startups with a focus on design and user experience. They support companies that prioritize design as a key differentiator.
- Investment Focus Areas: Design, User Experience, Early-stage startups
- Notable Investments: Stripe, Gusto, Dropbox
- South Park Commons Fund
- Details: South Park Commons Fund invests in early-stage technology startups, often those emerging from the South Park Commons community. They focus on fostering innovation and community-driven growth.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Modern Health, Vanta, Linear
What's Next for Siteline?
As Siteline looks to the future, the opportunities are vast. The company is poised to capitalize on the growing demand for digitized billing solutions in the construction industry, which is one of the largest and slowest-paying sectors globally. With over $180 million in annualized billing already processed, Siteline has a significant market presence and the potential to expand further by enhancing its platform and increasing its customer base.
Future fundraising opportunities seem promising, given the successful Series A and seed rounds. Additional funding could help Siteline scale its operations, improve its technology, and expand its market reach. However, challenges remain, such as overcoming entrenched manual billing processes and ensuring widespread adoption of its platform among trade contractors. Managing rapid growth and maintaining service quality will also be crucial as Siteline navigates its path forward.
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