Tuesday, 22 May 2018 15:11

VIDEO: SafetyCulture secures $60m in new funding to accelerate expansion and improve safety

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Workplace safety solutions company SafetyCulture has secured A$60 million in new funding to "accelerate expansion and improve safety", raising the largest amount by an Australian company thus far in 2018 and valuing it at $440 million.

SafetyCulture. The company not only facilitates more than a million safety and quality inspections per month via its apps, but is "on a mission to empower workers to make safety and quality a priority and improve workplace standards".

Founded in a garage in Townsville by former private investigator Luke Anear, SafetyCulture now has more than 200 staff with operations in Australia, the US, the UK and the Philippines, with its flagship iAuditor app, launched in 2012, now used for more than 300 million audit responses each year to ensure high safety and quality standards.

The company is best known for its "award-winning checklist app, iAuditor, which empowers teams to improve safety and quality in the workplace by reporting safety issues and non-compliances as they happen".

Meanwhile, its latest app, Spotlight, now makes "incident, hazard and near-miss reporting a collaborative, real-time experience for teams".

SafetyCulture has an impressive roster of companies using iAuditor, just a few of which include Coca-Cola, Coles, Ausgrid, BHP Billiton and Qantas. The app is used to "create smart checklists, conduct on-site inspections, analyse data and share insights in real time", with over 50% of the ASX Top 100 companies iAuditor customers.

In addition, SafetyCulture "supports the worker-driven movement for change at the most iconic companies in the world, including Coles, BHP, Coca-Cola and Ausgrid", and in order to bring the technology to all mobile devices, collaborates with "Apple, Microsoft, and HP" to get the job done.

Now comes this new $60 million in funding, which we're told "will be used to accelerate SafetyCulture’s global go-to-market expansion, build out its product and engineering teams in Australia, and invest in new areas such as internet of things (IoT) and workplace training".

Luke Anear, founder and chief executive of SafetyCulture, said: ”SafetyCulture is expanding at a breakneck pace. In the last year alone, over 100 new staff were hired to support the company’s growth.

"However, most of the world don’t know we exist; they’ve never heard of SafetyCulture. This funding means that we can continue to build great products, better serve more customers and have a bigger impact on safety and quality for workers all around the world."

Rick Baker, co-founder of Blackbird Ventures, said SafetyCulture had pioneered a bottom-up sales model reminiscent of Atlassian, and said: “SafetyCulture continues to power ahead, and this funding round reflects the fast growth and low customer acquisition costs it has been able to achieve.

"The capital injection will allow SafetyCulture to continue to scale and bring better workplace safety to the world."

Jan Hammer, partner at Index Ventures and an early backer and board member of SafetyCulture, said the company was redefining how companies approached safety and quality assurance.

Hammer hammered home the point, stating: “SafetyCulture has attacked a $150 billion market that still largely relies on checklists recorded on paper.

"We’ve been impressed at how quickly some of the world’s largest companies rolled out SafetyCulture’s iAuditor app – clearly addressing a pressing need. The market is ripe for disruption and SafetyCulture is leading the way."

SafetyCulture reminds us that it has attracted "15,000 organisations (of which over 4000 are Australian) to its platform, and has grown its staff from 85 in 2017 to 214 employees today across its offices in Sydney, Townsville, Kansas City, Manchester and Manila".

"SafetyCulture also recently released its second app, Spotlight, which is an incident reporting app that allows teams to act immediately, with real-time alerts for incidents, hazards and near-misses."

SafetyCulture says it is "now looking for new commercial sites for its global headquarters in Sydney and to accommodate its growing team in Kansas City".

"It will more than triple its team in the US and UK in the coming year. Over the next three years the company aims to reach over 100 million users on the platform and become the global standard for safety and quality management across all industries."

“Australia has a huge future in technology and we are proud to be able to play a role in developing that. Such a significant injection of overseas capital allows us to further grow and invest in our local talent. This is an exciting time in SafetyCulture’s history. We have only built one percent of what our customers need. We reached 15,000 companies with minimal sales or marketing, and now it’s time to take SafetyCulture to the rest of the world,” added Anear.

The capital raise was led by New York investment firm, Tiger Global Management. Other investors include previous supporters Blackbird Ventures, Index Ventures, Morpheus Ventures and Scott Farquhar (co-founder at Atlassian). Following this funding round, SafetyCulture has raised a total of $98 million and is now valued at $440m.

Here's a video interview with Anear that SafetyCulture has made available:

 

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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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