Australia-based tech startup SafetyCulture joins the unicorn club at a $1.7 billion valuation after raising $76.5M in funding to help companies achieve safer workplaces
SafetyCulture, a Queensland, Australia-based tech startup that empowers workers to make safety and quality a priority and improve workplace standards, today announced it has $76.5 million (A$99 million) a $1.7 billion (A$2.2 billion) valuation, making the 7-year old startup a member of the highly coveted unicorn startup club.
The round, which will be used to support the expansion of the business as it continues to evolve from a checklist app into an operations platform for working teams, was led by Insight Partners, a leading global ScaleUp software investor, with participation from existing investors Tiger Global, Index Ventures and Blackbird.
SafetyCulture was originally founded in 2014 as a safety documents business by Luke Anear from his humble garage. After witnessing the tragedy of workplace incidents as a private investigator, our founder Luke Anear went on to recruit a team to help him develop a mobile solution for safety in the workplace.
As it started gaining momentum and was adopted by a wider range of customers, SafetyCulture graduated into an office space in Townsville, Australia. The team has since expanded across the globe with additional offices in Sydney, Kansas City, and Manchester.
Today, more than 28,000 organizations 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.
“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 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. 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.”