Briefing

Sidewalk Infrastructure Partners raises US$400 million in Series A

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The funding was raised from parent company Alphabet and the Ontario Teachers’ Pension Plan (OTPP). SIP was launched in August 2019 by Alphabet, Sidewalk Labs and OTPP. Upon its launch, the Sidewalk Labs spinoff said it would focus on technology-enabled infrastructure projects, and The Wall Street Journal reported that SIP would be investing in projects that require more than US$100 million of equity. (Fortune)

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Talking point: The news came hours before Sidewalk Labs announced it was pulling out of its smart-city partnership with Waterfront Toronto to develop Toronto’s Quayside neighbourhood. “SIP is an independent company backed by Sidewalk Labs, Alphabet and Ontario Teachers’ Pension Plan,” an OTPP spokesperson told The Logic. “It holds, acquires and invests in technology-enabled infrastructure throughout North America. The decision not to pursue the Quayside project has no impact on Ontario Teachers’ commitment to SIP.”