SAN FRANCISCO--(BUSINESS WIRE)--Siteline, the most advanced billing solution for commercial trade contractors, announced its $15 million Series A funding today led by Menlo Ventures with participation from existing investors. Tyler Sosin, Partner at Menlo Ventures, will join Siteline’s Board of Directors.
The round comes on the heels of the company’s previously unannounced $3.4 million seed round led by First Round Capital and Brick & Mortar Ventures, with participation from Designer Fund, South Park Commons Fund, and a number of top angels. Dustin DeVan, founder of BuildingConnected, will become a company advisor. Siteline has raised a total of $18.4 million to date and will use the new funding to expand its sales, marketing, recruiting, engineering, and product teams.
One of the largest industries in the world, construction is also the slowest-paying. According to PwC, the median time to get paid in construction is 90 days, putting the sector in last place behind pharmaceuticals and life sciences. This is especially painful for trade contractors, who typically pay for labor and materials out of pocket before getting paid months later. As construction is one of the least digitized industries in the world, the status quo for billing is a manual, fragmented process that hasn’t changed in decades, and a single misplaced cent can cause a delay in payments, further exacerbating the pain.
Tyler Sosin, who led the Siteline investment on behalf of Menlo Ventures, is an active investor in construction technology. “Financial fragility remains one of the biggest unsolved problems for this industry,” he said. “Construction is a sprawling, complex business pressured by working capital issues and significant counterparty risks. The workforce needs better tools and processes to manage business financials and liquidity, ensuring more stability across the system. By solving the payments problem for subcontractors – arguably the largest segment of the construction workforce – Siteline addresses a critical issue for a large population serving a multi-trillion dollar industry.”
Siteline is the first financial platform built specifically for trade contractors from the ground up. Trade contractors can easily compile accurate payment applications, manage compliance documents, and monitor payment status on one customizable platform. Siteline’s customers get paid faster, accelerate internal billing processes by up to 6X, and improve collaboration across project and finance teams.
“Getting paid in construction is a huge hassle, and that makes cash flow harder to manage,” said Gloria Lin, Co-Founder and CEO of Siteline. “Growing up with a dad in construction, I've seen some of the industry's challenges and opportunities firsthand. That’s why our mission is to help contractors focus on building, not billing. Ultimately, we want to empower builders to make better business decisions, by transforming a painful payments process into a powerhouse of financial data.”
Today, Siteline processes more than $180 million in annualized billing for its customers, including projects ranging from office campuses and schools to major airport terminals and hospital wings. It currently supports hundreds of projects across the US.
“Siteline takes us to the next level,” said Jeff Scalisi, VP of Operations at Architectural Glass & Aluminum. “As a growing company, we need to constantly evolve the way we are doing things. Siteline brings the whole team together around billing and payments. And what used to take days or weeks, now takes hours.”
“We are pleased to be an investor in Siteline, as they continue to build the tools needed to help trade contractors get paid faster and more easily by simplifying and automating critical financial operations,” said Darren Bechtel, Founder and Managing Director at Brick & Mortar Ventures. “Gloria and her team are building a best-in-class solution to simplify construction finance workflows, and we look forward to supporting their continued expansion and growth.”
The industry’s first purpose-built solution for trade contractors, Siteline frees contractors up to focus on building, not billing. Siteline’s easy-to-use tool allows contractors to compile accurate payment applications, manage compliance and lien waivers, and monitor payments, all in one streamlined platform. For more information, visit www.siteline.com.
About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That’s why we support businesses including Benchling, Chime, Carta, Poshmark, Uber, and Roku that are reimagining life and work for the better. Over 43 years, we’ve grown a portfolio that includes more than 70 public companies, over 100 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we’re in, we’re all in. www.menlovc.com
About First Round Capital
First Round is an early-stage venture capital firm that helps startups like Notion, Roblox, Uber, and Square tackle company building firsts. From tailored programs and a vibrant community, to custom-built software and content that serves up unique company building advice, the firm connects founders who are just getting started with the expertise and resources they need to make their first hires, build their first product and find their first customers. Learn more at https://firstround.com.
About Brick & Mortar Ventures
Brick & Mortar Ventures is an early stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. Notable past investments of the firm and its General Partner include Seed round participation in PlanGrid, Levelset, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire, Curbio, and Curri. Brick & Mortar Ventures is based in San Francisco, CA.