TORONTO, CANADA – November 24, 2022 — FirePower Capital (“FirePower”), Canada’s entrepreneurial lender, investor and M&A advisor, and SiteMax Systems Inc., (“SiteMax”), a Vancouver-based SaaS company that provides purpose-built construction management solutions to the construction industry, announced the closing of a term debt facility. GroundBreak Ventures (“GroundBreak”) and Plank Capital (“Plank”) provided funding alongside FirePower through a subordinated convertible note. The funding will be used to refinance incumbent lenders and will provide additional capital for growth.
SiteMax, started as a special project to meet the needs of a commercial general contractor (“GC”). has developed into a fully integrated, flexible project management tool to serve an international client base of GCs and sub-contractors.
“We are excited by the opportunity that we have ahead of us in furthering the depth of the digital transformation from antiquated and inefficient construction processes to more engaging and streamlined experiences that help engage the new generation”, notes James Faulkner, CEO and Founder, SiteMax. “The partnership with our new partners, Firepower and GroundBreak provides the resources for SiteMax to execute on its strategy.”
“SiteMax’s “everything you need, and nothing you don’t” approach to construction management is refreshing in a sector plagued by overengineered point solutions. It’s the critical first step for pen-and-paper organizations looking to drive efficiencies within their operations at a time when every dollar counts. We are excited to support the company’s investment in new products and features driven by in-the-field insight from its large, growing and engaged client base,” says Scott Kaplanis, Managing Partner as GroundBreak Ventures.
Trevor Simpson, Partner, Private Debt, at FirePower Capital, commented: “Partnering with innovators like SiteMax, who break away from conventional approaches to elevate the way business is done within their industries, gets us very excited.”
SiteMax is a web and mobile-based construction site management and monitoring platform helping customers to go paperless, consolidate apps and streamline the construction management process. Their features and digital toolsets are “everything you need, and nothing you don’t” focusing on project management, field management and safety. www.sitemaxsystems.com
About FirePower Capital
FirePower Capital is the private capital and M&A advisory firm built for Canada’s entrepreneurs. Our team of 60+ professionals help mid-market business owners complete mission-critical transactions, by advising them or investing in their companies directly. www.firepowercapital.com
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