Workforce compliance platform MyPass Global has raised $7.5 million in a Series A round led by Australian venture capital firm OneVentures, taking its valuation to $57.2 million as the company looks to firm up its growth prospects in the Americas.
MyPass Global, which was founded in 2013 by Matt Smith, delivers workforce skills and compliance tracking services by connecting workers, employers and training providers in a single web-based portal.
More than 1,300 companies now use MyPass to manage more than 110,000 contractors globally, with the company’s growth accelerating last year when it onboarded 350 new organisations to its platform and validated more than 246,000 documents.
“We are excited to be partnering with OneVentures, whose investment and expertise represents a strong endorsement of our product and growth strategy,” says Smith, the MyPass Global CEO.
“OneVentures’ investment combined with its strategic, hands-on support will be pivotal as we scale the platform into the Americas.
“We look forward to collaborating with OneVentures’ team in executing on our strategy and realising our vision to simplify workforce competency in key industries.”
MyPass points to research from Deloitte that has revealed 66 per cent of organisations are under-prepared to manage their workforce in Australia with the risk of fraud, data security and privacy breaches heightened by an increased reliance on contracted labour globally.
Through its platform, MyPass says it reduces the productivity burden and risk associated with the use of manual spreadsheets and fragmented legacy software to obtain real-time validation and tracking of employee credentials.
“MyPass offers a unique solution to the growing challenges around workforce competency assurance,” says Smith.
“The portable, worker-friendly and digital Skills Passport gives workers the ability to control their own qualifications and credentials without compromising data privacy and security.
“Ours is the only platform that can connect workers, site owners, suppliers, training institutions and industry bodies with a single source of truth.”
MyPass, which is headquartered in Sydney, currently has users in 25 countries and apart from Australia it has operations in Chile, Canada and the United States, with back-office teams in the Philippines, India and Colombia.
"We have been greatly impressed by the MyPass platform and the confidence that some of the world's largest companies, many of them operating in extremely complex environments, have placed in the technology,” says OneVentures partner Bevin Shields.
“MyPass has not only achieved financial scale through a large and rapidly growing customer base but is also demonstrating a strong growth rate while scaling in a capital-efficient manner.
“We are excited to be partnering with Matt and the MyPass team to support and accelerate their continued success."
OneVentures has more than $900 million in funds under management, specialising in investment in the healthcare and technology sectors. Among its recent success is a 13-times return on the sale of its Fund II investment in Employment Hero in 2023.
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