- Workplace operations platform SafetyCulture has hit another milestone, minting a $2.2 billion valuation just 12 months after hitting its first billion.
- It comes on the back of a $99 million funding round, led by Insight Partners and participated in by existing investors like Blackbird.
- After acquiring microlearning app EdTech last year, founder Luke Anear said the new funding would be used to go shopping for more strategic investments.
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SafetyCulture may be one of Australia’s fastest growing startup, doubling its three-comma valuation in the space of a few months.
The software company has now hit a $2.2 billion valuation on the back of a bumper $99 million funding round. Starting as a workplace safety checklist app, SafetyCulture is hoping to transform itself into a global platform managing all aspects of business operations.
“We recently surpassed 100 million completed inspections in our flagship product, iAuditor, and this new funding allows us to continue that momentum,” founder and CEO Luke Anear said. “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.”
It marks another milestone for a company that only 12 months ago was first minted a unicorn, after reaching a $1.3 billion valuation with the backing of former Prime Minister Malcolm Turnbull. In the last three years SafetyCulture says its team, once headquartered out of Townsville, has grown by 2.5 times.
In an attempt to keep on top of the explosive growth, SafetyCulture began building a new $32 million head office in Sydney last year, complete with a rooftop bar and onsite chef. Anear said the new funding will be used to continue growing via strategic investments as it looks to expand its product and engineering team.
“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,” he said.
The funding round was led by Insight Partners, the same venture capital firm behind the $900 million automated development company Octopus Deploy, and involved existing investors from Blackbird, Index Ventures, and Tiger Global.
“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,” Insight Partners managing director Teddie Wardi said.
“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.”
In the last 12 months, venture capital (VC) has flowed free and fast. As the pandemic forced businesses into a rapid transition to remote work and kept individuals at home, tech companies have been the biggest beneficiaries, as investors pumping up the valuation of both private and public companies.
Just last month, design software company Canva hit a $19 billion valuation, more than twice what its value in June last year, as its customer base grew by 50%.
To justify such sky-high valuations, some may feel the pressure as they go looking for pandemic-era growth in a post-pandemic world.
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