Global technology company’s valuation soars after A$99 million funding round led by global venture capital and private equity firm Insight Partners
SYDNEY--(BUSINESS WIRE)--SafetyCulture, the global operations platform which empowers working teams to drive improvements in the workplace, has today announced a A$2.2 billion valuation (approx. GBP £1.2 billion), smashing past its previous unicorn status from April 2020.
The funding led by Insight Partners, a leading global ScaleUp software investor, and joined by existing investors Tiger Global, Index Ventures and Blackbird, will support the expansion of the business as it continues to evolve from a checklist app into an operations platform for working teams. SafetyCulture currently helps 28,000 companies improve every day by streamlining the flow of critical information through their user-friendly, mobile-first platform.
“We recently surpassed 100 million completed inspections in our flagship product, iAuditor, and this new funding allows us to continue that momentum,” said Luke Anear, Founder and CEO, SafetyCulture. “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,” Anear continued.
SafetyCulture’s funding and new valuation was 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. The company has attracted over 1.5M users to sign up to its platform in more than 85 countries.
“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,” said Teddie Wardi, Managing Director at Insight Partners. “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.”
SafetyCulture’s employee base has grown 2.5 times in the last three years. It plans to continue the same 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 A$1.3 billion (approx. GBP £726 million) last April after securing A$60.5 million (approx. GBP £33.8 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).
Earlier this year, SafetyCulture was recognised as one of the ‘Best Companies to Work For’ and a 'Great Place to Work' in the UK. To explore current roles at SafetyCulture visit https://safetyculture.com/careers/.
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Notes to editors
Conversions are based on an exchange rate of 1 AUD = 0.558495 GBP, listed on xe.com on 26 April 2021.
SafetyCulture is the operational heartbeat of working teams around the world. Its mobile-first operations platform leverages the power of human observation to identify issues and opportunities for businesses to improve everyday. More than 28,000 organisations use its flagship products, iAuditor and EdApp, to perform checks, train staff, report issues, automate tasks and communicate fluidly. SafetyCulture powers over 600 million checks per year, approximately 50,000 lessons per day and millions of corrective actions, giving leaders visibility and workers a voice, in driving safety, quality and efficiency improvements.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all.
Nicole Roberts | Ogilvy UK
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