• High-volume project management platform provider Sitetracker raises $42m in latest funding round, with Deutsche Telekom-backed TIP fund in the mix.
  • Sitetracker topped off 2020 with Vodafone Supplier Awards win.

Sitetracker: DT backs Vodafone scale-up partner

Sitetracker: DT backs Vodafone scale-up partner

Source: Sitetracker

Deutsche Telekom’s Telekom Innovation Pool (TIP) highlighted its participation in a Series-C investment round for project management platform provider and Vodafone ‘Scale-up of the Year 2020’ Sitetracker.

The $42m (£30.8m/€34.7m) round was led by venture capital players H.I.G. Growth Partners and Energize Ventures, with participation from funds including Clearvision Ventures, Energy Impact Partners, New Enterprise Associates, Salesforce Ventures, TIP, and Wells Fargo Strategic Capital. The financing will be used to “further accelerate Sitetracker’s product roadmap” and facilitate “continued global expansion”.

Palo Alto, California-based Sitetracker provides cloud-based project management software for the utility, smart-city, and telecoms industries. For mobile network operators, its platform enables supply chain management and monitoring to encourage roll-out efficiency. The Series-C funding round took total financing to $92m since its 2017 Series-A round.

On the right tracks

In 2020, Sitetracker earned the title “Breakthrough Scale-up of the Year” from Vodafone Group during its annual Supplier Awards (Vodafonewatch, #191). It has received business support from Tomorrow Street, the Vodafone-backed, Luxembourg-based scale-up centre.

Vodafone is also listed as a Sitetracker partner, with the supplier securing a contract from Vodafone UK in 2019, to help the OpCo deploy critical infrastructure (Vodafonewatch, #186). On receiving the award, Incitti said Sitetracker had worked with “multiple Vodafone groups” over the past two years, and had forged an apparently strong relationship.

Other Sitetracker customers include BT Group and Ericsson. No Deutsche Telekom NatCos are listed among its clients.

TIP’s first 2021 foray

TIP’s investment marks its first activity of 2021 following a relatively busy 2020 that saw investments in companies diverse both in geography and in technology focus.

Though Sitetracker does have an office in the UK, its Palo Alto HQ makes it the first US-based company to receive TIP backing since smart-glasses joint venture tooz technologies in 2018 (the product of a Deutsche Telekom partnership with ZEISS — Deutsche Telekomwatch, #71). Since then, TIP investments have been primarily European and Israeli, with the exception of India’s Rtbrick.

Telekom Innovation Pool investments, 2020–2021
Portfolio companyBasedFocus

Note: DTCP, DT’s investment vehicle which steers TIP, does not always reveal which fund is used for its investments.

Source: DTCP.

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