Sitetracker, a provider of deployment operations management software for infrastructure providers, completed a new round of equity and debt financing totaling $96 million, which will enable the company to scale its global capabilities to support renewable energy, 5G, fiber and telecom digital infrastructure. The total financing package consists of a $66 million round of equity funding from Energize Ventures and a $30 million revolving credit facility from BridgeBank.
“With the world’s largest telecom and energy providers using our platform to manage their wireless, wireline, solar and energy deployments and operations worldwide, Sitetracker has a strong tailwind going into 2023 and beyond,” Giuseppe Incitti, Sitetracker’s CEO, said. “This new financing will help us continue to expand our market presence while also investing in our technology so we can stay ahead of the curve in the dynamic energy and connectivity industries.”
In addition to Energize Ventures, the financing round included participation from existing investors, such as H.I.G. Growth Partners, National Grid Partners, Clearvision Ventures and others, as well as participation from new investors, such as NTT Docomo Ventures, Kingfisher Investment Advisors and Raine Next-Gen Communications.
Sitetracker is currently operating in 30 countries, with ongoing customer deployments scheduled to bring the platform to more than 100 countries by the end of 2024. Among Sitetracker’s customer base are energy and EV charging companies such as ChargePoint, NextEra Energy, Southern Company and Duke Energy as well as telecom providers such as AT&T, Segra, Zayo and British Telecom.
“Energy infrastructure as we know it is fundamentally changing. In the U.S. alone, we expect more than 500,000 EV chargers to be deployed and solar installations to quadruple over the next decade,” Kevin Stevens, partner and head of growth equity at Energize Ventures, said. “The future of the new energy economy relies on the ability to efficiently deploy and manage a growing number of distributed assets, and Sitetracker is building the digital backbone that enables that deployment. Our continued investment in the company is a testament to our conviction in the size of the market opportunity as well as the aptitude of the Sitetracker team and software platform.”
The $96 million in new financing brings Sitetracker’s total capital raised to nearly $200 million since 2013. It comes after the company closed the first half of its 2022 fiscal year with 50% year-over-year growth.
“Sitetracker is poised for significant growth and success, particularly as we onboard new sales capacity, hire talent across all business functions and gain further market awareness,” Incitti said.
