From its humble origins as a workplace safety app developed in a Townsville garage, last year SafetyCulture gained unicorn status and that momentum shows no sign of abating thanks to another funding round lifting its valuation by $900 million.
The latest $99 million funding round led by scale-up software investor Insight Partners lifted SafetyCulture's valuation to $2.2 billion, securing backing from existing investors Tiger Global and Index Ventures as well as Blackbird Ventures which has been with the company since 2013.
The extra cash will help support the group's evolution from a checklist app into an operations platform for working teams.
"We recently surpassed 100 million completed inspections in our flagship product, iAuditor, and this new funding allows us to continue that momentum," says SafetyCulture founder and CEO Luke Anear.
"It also allows us to invest in the development of our platform which will ensure the information captured by workers can easily be acted upon to improve quality, efficiency, and safety in the workplace.
"Strategic growth investments and acquisitions will remain a key focus. Following the acquisition of online microlearning app, EdApp, last year, we're looking at other great innovations which will transform the experience for millions of working teams around the world."
Last year's acquisition valued EdApp at $40 million, bringing an award-winning mobile training solution with micro e-learning courses into SafetyCulture's wheelhouse.
SafetyCulture currently helps 28,000 companies improve every day by streamlining the flow of critical information through their user-friendly, mobile-first platform, although since inception it has attracted 1.5 million users from more than 85 countries.
The company says its latest funding and new valuation were based on its progress in delivering value to a broader operational user base and its continued growth across a wide range of industries, including manufacturing, hospitality, retail and logistics.
"SafetyCulture's growth is testament to the company's deep understanding of the challenges working teams face in distributed work environments and their ability to consistently deliver innovative solutions to help these businesses improve every day," says Insight Partners managing director Teddie Wardi.
"It has been phenomenal to see what the SafetyCulture team has achieved over the last few years. We're thrilled to be supporting such a passionate and dedicated team deliver great solutions to the working world."
The company, which is now headquartered in Sydney with offices in Townsville, Kansas City, Manchester (UK) and Manila, has seen its employee base grow 2.5 times in the last three years, and expects to continue on that hiring trajectory for the foreseeable future as it rapidly expands its global product and engineering teams.
SafetyCulture's most recent funding follows its unicorn valuation of $1.3 billion last April after securing $60.5 million from TDM Growth Partners, alongside BlackBird Ventures, Index Ventures, former Australian prime minister Malcolm Turnbull and his wife Lucy Turnbull, and Atlassian co-founder Scott Farquhar through his investment vehicle Skip Capital led by his wife Kim Jackson.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
Business News Australia
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