Total amount raised
$18.4 Millions
Latest funding date
02/01/2022
Location
Siteline has successfully raised funds through a Series A round, with notable investors including Menlo Ventures and Designer Fund. The platform offers a comprehensive construction billing solution designed specifically for subcontractors, streamlining the billing process and eliminating payment delays.
Keep reading to explore the intricacies of Siteline's fundraising journey and the investors backing this innovative platform.
What Is Siteline?
Siteline, founded in 2019 by Gloria Lin and Joel Poloney, is a San Francisco-based company specializing in construction billing software. The platform is designed to streamline billing processes for subcontractors, helping them manage payment applications, compliance, and lien waivers efficiently.
Operating with a team of 11-50 employees, Siteline aims to eliminate payment delays and improve cash flow for trade contractors. The company offers a range of features, including Pay App Management, Vendor Management, and A/R Reporting, to enhance billing workflows and ensure timely payments.
How Much Funding Has Siteline Raised?
- Seed Round
- Amount Raised: $3.4M
- Date: January 2019
- Lead Investors: First Round Capital, Brick & Mortar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to support the development and early operations of Siteline.
- Series A
- Amount Raised: $15M
- 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: $18.4M. 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 across various stages and sectors, including Consumer, Enterprise, and Healthcare.
- 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 supports startups through tailored programs, a vibrant community, and custom-built software. They focus on helping startups tackle company-building firsts.
- 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, investing in innovative software and hardware solutions for architecture, engineering, construction, and facilities management.
- Investment Focus Areas: Built World (architecture, engineering, construction, and facilities management)
- Notable Investments: PlanGrid, Levelset, BuildingConnected
- Designer Fund
- Details: Designer Fund invests in startups where design is a key differentiator. They support companies that prioritize design to create better products and user experiences.
- Investment Focus Areas: Design-centric startups
- Notable Investments: Stripe, Gusto
- South Park Commons Fund
- Details: South Park Commons Fund focuses on early-stage investments, particularly in technology and community-driven projects. They aim to support innovative startups that drive technological advancements.
- Investment Focus Areas: Early-stage technology, community-driven projects
- Notable Investments: Modern Health, Superhuman
What's Next for Siteline?
Siteline stands at the cusp of significant growth opportunities, driven by the increasing demand for streamlined billing processes in the construction industry. With the ability to process over $180 million in annualized billing, the platform is poised to expand its reach across numerous large-scale projects, including office campuses, schools, and hospital wings.
Future fundraising efforts seem promising, given the successful Series A round and the substantial market size. Additional funding could further enhance Siteline's capabilities and market presence, potentially leading to strategic acquisitions to bolster its technology stack.
However, challenges remain. The construction industry is notoriously slow to adopt new technologies, and Siteline must navigate entrenched manual processes and competition from other financial platforms. Ensuring user-friendly solutions that meet evolving contractor needs will be crucial for sustained success.
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