Hartley Pike, Co-founder and CEO of Sitemate
Sitemate raises $7.5M Pre-Series A as it approaches ‘escape velocity’
November 15, SYDNEY: Sitemate, the scaleup which builds best-in-class no code software platforms for companies of all sizes operating in the built world, today announced it has raised $7.5M Pre-Series A, led by Marbruck Investments, with participation from existing investors including Blackbird Ventures and Artesian.
Sitemate has experienced rapid growth in the last 18 months, growing from 18 employees to over 70, bucking the global tech downturn trend.
During this period, the team at Blackbird Ventures coordinated a small closed session with guest speaker Mike Cannon-Brookes, Co-CEO of Atlassian. Hartley Pike, CEO of Sitemate, says, “In that zoom session, Mike spoke of how these times can often be an opportunity - whilst many take their foot off of the gas, it’s an opportunity to get ahead.”
Sitemate has done just that. Since its previous fundraise in 2022 led by Blackbird, Sitemate has established a North American office, doubled its presence in Europe, and has continued to experience strong growth in Australia and New Zealand. “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’s Tom Humphrey.
Excerpt from the pitch deck for this round - Sitemate’s revenue growth
This momentum won’t be slowing down anytime soon as Sitemate continues to scale up. Pike says that “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. 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,” he says.
Excerpt from the pitch deck for this round - Sitemate’s net revenue retention
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 Sitemate co-founder and CEO Hartley Pike.
Commenting on the recent funding, Pike says that “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 comments, “Sitemate 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.”