Australian Firm SafetyCulture Gets $35.5 Million In Fresh Funding, Enters The Unicorn Club

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SafetyCulture

Queensland-based software firm SafetyCulture that helps companies around the world by managing security and compliance checks has announced securing $35.5 million as part of Series C financing led by TDM Growth Partners. The funding round also saw participation from BlackBird Ventures, Index Ventures, former prime minister Malcolm Turnbull alongside his wife Lucy Turnbull and Atlassian co-founder Scott Farquhar.

Before this round, the firm had picked up $23 million in its Series B round funding which was led by Index Ventures. The current funding takes the total amount raised by the company to $114.9 million. Notably, the financing helps the firm to enter the coveted unicorn club.

Launched in 2004 by SafetyCulture the firm has built an app called iAuditor which helps nearly 26,000 companies in 85 countries in safety checks. The freshly raised capital will help the firm to continue its product development. The firm counts big names like Emirates, Coca-Cola, GE, IKEA, Unilever, BHP Billiton and Accor among its customers.

Anear, the CEO of the firm commenting on the funding through a statement said that “This is an exciting milestone for us to achieve as a company, especially during uncertain times like these. We’re particularly happy about giving employees the opportunity to sell some of their equity as a reward for all their hard work and continued loyalty.”

The firm has been doing really well in the US. Bob Butler, General Manager of SafetyCulture Americas says that “Today’s announcement continues what has been 12 months of hyper-growth for SafetyCulture’s Americas headquarters in Kansas City. The North American market currently makes up around 40% of our customers and this significant injection of capital enables us to accelerate product development for items customers need, along with the talent and marketing needed to scale our business to serve more customers and have a greater impact on safety and quality for workers all around the US.”

It will be interesting to see how the firm utilizes the fresh chunk of capital to rapid up its growth across the US.

 

Image courtesy: SlideShare

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