$440 MILLION: SafetyCulture's valuation soars after announcing a $60 million funding round

Luke Anear. Photo: Belinda Pratten/ Supplied.

SafetyCulture has completed a $60 million Series C funding round. This is the largest raise in 2018 by an Australian company.

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.

This funding round brings SafetyCulture’s total funding raised to $98 million, pushing the company’s valuation up to $440 million.

SafetyCulture, which facilitates more than a million safety and quality inspections per month and is best known for its safety checklist app, iAuditor, will use the money to accelerate its global expansion, build out its product and engineering teams in Australia, and invest in new areas such as Internet of Things (IoT) and workplace training.

“SafetyCulture is expanding at a breakneck pace,” said founder and CEO Luke Anear.

“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.”

The company 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.

Meanwhile, 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,” says Anear.

“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.”

SafetyCulture has attracted 15,000 organisations — of which over 4,000 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. Meanwhile, its iAuditor app is currently used by over 50% of the ASX Top 100 companies.

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