Why We Invested in SiteKick
Updated: Oct 30, 2020
We hear a lot of pitches from entrepreneurs seeking funding. Some are pretty good, but every now and then we hear a truly great one. Those usually involve founders that want to do great things, yet are able to keep their egos in check. And they usually involve a clear go-to-market plan, a market ready for the product, solid technology, and a solution that solves a real world problem. Those would be pitches like what we heard from SiteKick.
SiteKick monitors and reports on construction job sites using custom hardware and software. This includes cameras, sensors, and amazing custom software. Combined with their expertise this solid technical foundation has given them a proven track record with a small but wildly successful and growing customer base.
Over the past decade startups have increasingly focused on bringing automation and visibility to areas founders understand. This means a lot of tools for automating software development, product management, and deep enterprise software infrastructure. But solving the productivity gap means looking to all industries
We chose to invest in SiteKick because we saw a diverse team who came to the table with a productivity problem we hadn’t seen before. One they have the experience to solve. They are helping an $11 Trillion dollar industry who is waking up to embrace areas where technology (https://fortune.com/2018/10/02/construction-industry-technology/) helps address major labor shortages. Computing is meant to help humans do more. Those productivity gains are necessary to keep companies competitive while providing more transparent outcomes for stakeholders. SiteKick brings that to the table.
The $9.2 Billion dollar TAM within the construction industry is a huge opportunity (https://blog.publiccomps.com/procore-s-1-ipo-teardown/). But we see 10 and 11 figure TAM figures in most pitches we see. What we don’t always see is a team with a plan and team capable of achieving aggressive goals. They are tackling a sleeping giant of an opportunity as identified by a Superintendent at Ryan Companies in “Win Back the Weekends” which identifies how the solution can pay for itself.
The construction industry has a labor shortage. Employees need to be more productive while providing visibility into what is happening on sites. Even during the COVID-19 pandemic starts, jobs and backlogs are all rising and the industry is progressing “faster than any other economic segment.” And media exposure has validated their product fit including this article that highlights how SiteKick are helping them to “Bests COVID-19 and Project Performance.” We love seeing companies we work with get rewarded by mentions in the press and of course in sales!
Ultimately, SikeKick provides a solution that solves a real world problem and so improves performance outcomes for construction companies as well as supporting site supervisors with valuable insights. Their kung fu is strong and their managing team is adaptable, creative, and put simply, they know how to ship a product. They are hard working and seek out assistance when they need to, but also know how to grind it out when needed. They represent a diverse team with a central focus on not just being an ordinary technology company by solving a process and productivity problem. And honestly, they’re a great crew to work with so we feel like we really hit one out of the park with the investment!
We obviously love the crew over there but if you'd like to learn more about SiteKick, check out their website at http://www.sitekicktech.com.
--written in collaboration with the Charles Edge.