Sitetracker has raised $42 million in Series C funding, led by new investor H.I.G. Growth Partners as well as returning investor Energize Ventures with follow-on investment from all other returning investors, including New Enterprise Associates (NEA), National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures, and others. New investors participating in addition to H.I.G. Growth Partners include Energy Impact Partners (EIP), Telekom Innovation Pool (TIP), Clearvision Ventures, and others.
This round of financing brings the total investment in Sitetracker to $92 million, and the investment will further accelerate Sitetracker’s product roadmap and continued global expansion.
“Sitetracker’s continued growth is a testament to their understanding of the challenges faced by their industry-leading customers, in the multi-billion-dollar critical infrastructure space,” said Scott Hilleboe, Managing Director of H.I.G. Growth Partners. “Sitetracker is uniquely positioned to tackle the business operations challenges faced by companies deploying, maintaining, and operating in industries like telecom, utilities, and alternative energy. We’re thrilled to support Sitetracker in their next phase of growth.”
Despite 2020’s challenges, Sitetracker grew its global user base by 17,000 users across various industries, including telecom, utilities, and alternative energy. With a truly customer-centric approach, Sitetracker prides itself on localized support around the world. Sitetracker’s global presence includes offices and employees across the USA, Europe, Latin America, and APAC and is supported by top system integrators and a global partner network.
“It is clearer now more than ever that there are missing links within our critical infrastructure, and traditional analog industries must find solutions for remote deployment and maintenance of their assets to stay ahead of the curve,” said Energize Ventures Partner Katie McClain, who recently joined Sitetracker’s Board alongside Energize’s existing seat held by John Tough. “We believe it is the right time to strengthen our commitment to Sitetracker, the leading-edge solution to enable companies to operate effectively and efficiently in this new digital age.”
In response to the pandemic, Sitracker added several features like Trackers, Sitetracker Mobile, and Intelligent Project Templates, Sitetracker customers also adopted newly released features, including machine learning and Sitetracker for the field. Sitetracker’s customers benefited from faster project completion, improved resource allocation, and decreased cycle times.
“Last year, we hired extensively across all departments. From executives, John Edebol, VP Americas, and Alejandro Padilla, VP LATAM to Jena Singleton, Head of Employee Experience, Diversity, and Belonging,” said Giuseppe Incitti, CEO at Sitetracker. “Between our new leaders and the over 100 other hires we made last year; we are geared up to keep delivering Sitetracker to our customers at the highest standard.
Sitetrackers platform coupled with their continued investment in customer success drove adoption rates above 90 percent. “Sitetracker is gaining momentum by fostering strong customer relationships and delivering best in class software to critical infrastructure companies,” said Colin Bryant, Partner at NEA. “We are excited to continue supporting Sitetracker on their journey to deliver game-changing software to critical infrastructure providers deploying and maintaining their distributed capital assets around the world.”