The vast majority of companies are still using paper checklist for health and safety. That makes it very difficult for them to respond to changing government guidelines, understand whether they are compliant with the new rules and whether their employees are safe. SafetyCulture is doing great work moving many industries to a digital, more responsive and responsible approach to safety. The team has been working relentlessly to help SafetyCulture’s customers ensure the safety of frontline workers, and we’re proud to support the business with a new investment today.Jan Hammer, Index Partner and SafetyCulture's board member
SafetyCulture Secures $USD35.5M Funding Round
SafetyCulture, which empowers more than 500,000 workers around the world to improve safety, efficiency and quality in their workplaces, has secured US$35.5 million in new funding to reward early employees, hire more people and accelerate product development. The capital raising values SafetyCulture at US$800 million.
More than half of the new funding was made available to SafetyCulture's most tenured employees, who were given the opportunity to cash out some of their vested equity, with remaining capital being used to fund SafetyCulture's continued growth.
“This is an exciting milestone for us to achieve as a company, especially during uncertain times like these,” SafetyCulture founder and CEO Luke Anear says. “We’re particularly happy about giving employees the opportunity to sell some of their equity as a reward for all their hard work and continued loyalty.”
The Series C-1 funding round is dominated by Australian investors led by TDM Growth Partners, which is known for its long-term focus. Previous TDM investments include Tyro Payments, Culture Amp, ROKT and Aconex. Blackbird Ventures, Index Ventures, Skip Capital, and former Australian Prime Minister Malcolm Turnbull and his wife Lucy also joined the round, which takes the total amount of investment raised by SafetyCulture to more than US$112 million since 2014. Skip Capital is the family investment arm of Atlassian co-founder Scott Farquhar, led by his venture capitalist wife, Kim Jackson.
Hamish Corlett, partner at TDM Growth Partners, shares why they were keen to support the round, “TDM travels the globe to find a very small number of fast growing businesses that we can support on their scaling journey. There is no doubt in our mind, there are few better companies than what Luke and his team have created. The future is incredibly bright for SafetyCulture and we are excited to now be sharing that journey with them for many years to come.”
SafetyCulture’s ability to secure funding was based on continued growth across a diverse range of industries and geographies. More than 26,000 organisations in 85 countries use its core iAuditor app to complete more than 600 million checks per year. This has helped deliver strong growth, with annual recurring revenue up 85 per cent during the past year. The business is now cash positive. In EMEA, more than 10,000 companies across use iAuditor to manage safety and quality, including DPD, William Hare, Heathrow, Dr Oetker and Selfridges.
SafetyCulture has teams in Manchester, Sydney, Townsville, Kansas City, and Manila. The additional funding will support the continued expansion of the business as it evolves iAuditor from a checklist app into a strategic platform that connects distributed teams, raising safety and quality standards while making them more efficient.
SafetyCulture already has more than two years of product and feature development scoped out. It is currently hiring software engineers and product managers to help accelerate delivery of the features demanded by customers. These include enhanced analytics and IoT sensors, and telematics capabilities. The business is also exploring opportunities to reduce risk and lower premiums for businesses by partnering with insurance providers.
Daniel Joyce, General Manager of SafetyCulture EMEA, says, “This capital injection enables SafetyCulture to further grow our EMEA team, helping customers put safety and quality into the hands of even more workers. We're also excited to be bringing to market digital tools for incident reporting and IoT sensors over the course of the year.”
In light of the current COVID-19 crisis, SafetyCulture is helping support its diverse customer base navigate the challenges they’re facing on the frontline. “Keeping people safe is at the core of our company’s purpose. To support workers across industries affected by COVID-19, we’ve launched a series of tools to help them stay on top of COVID-19 related safety issues in the workplace,” said Anear. “We’re also providing free six month access to iAuditor Premium and other SafetyCulture products to our healthcare, emergency, education and volunteer workers around the world who are providing vital services to our communities at this time.”
Some of the organisations who have leveraged iAuditor to address COVID-19 health and safety risks include one of the world’s largest e-retailers, who rolled out COVID-19 checks via iAuditor to ensure the safety of its employees and continuity of deliveries; an aged care provider who is using COVID-19 checklists to track and minimise the impact of the virus and ensure all employees understand new rules and risks in their facilities; and one of the largest global hotel chains, which is using iAuditor to ensure advanced safety and hygiene practices are carried out throughout its network of hotels.
SafetyCulture empowers workers to make safety and quality a priority and improve workplace standards. The SafetyCulture iAuditor app and platform have been used together for more than 45 million inspections across organisations to help ensure quality assurance and mitigate safety risks. Easily build smart checklists, instantly assess risk, analyse data, and share insights that save time – and save lives. SafetyCulture supports the worker-driven movement for change at the most iconic companies in the world, including Emirates, Coca-Cola, GE, IKEA, Unilever, BHP Billiton and Accor. SafetyCulture was named Startcon’s Technology Company of the Year in 2019. For more information, visit www.safetyculture.com.
Published — April 8, 2020