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Total amount raised
$368M
Latest funding date
2024-09-09
Location
SafetyCulture has successfully raised $174.3 million over eight funding rounds, achieving a valuation of over $1 billion. The platform offers a comprehensive suite of tools designed to improve workplace operations and safety standards.
What Is SafetyCulture?
Founded by Luke Anear, SafetyCulture is a company dedicated to improving workplace operations through digital solutions. Established in Townsville, Australia, the company has grown significantly since its inception.
SafetyCulture's flagship product, iAuditor, is a mobile app and software inspection solution designed to empower workers by improving safety and quality standards. The platform allows teams to collect consistent data, standardize operations, send reports, identify failed areas, and resolve problems efficiently.
With a growing global workforce, SafetyCulture continues to innovate and expand its offerings, helping businesses worldwide enhance their safety and operational protocols.
How Much Funding Has SafetyCulture Raised?
- Series C3 / Later Stage VC (September 2024)
- Amount Raised: AU$165 million (~USD $110 million)
- Date: September 9, 2024
- Lead Investors: Airtree Ventures
- Other Investors: Blackbird Ventures, Morpheus Ventures, Hostplus, HESTA
- Valuation at Round: AU$2.5 billion (~USD $1.6 billion)
- Motivation Behind the Round: To fund global expansion and AI-powered product innovation.
- Series C2 (August 2023)
- Amount Raised: USD $34 million
- Date: August 2023
- Lead Investors: Morpheus Ventures, Marbruck Investments
- Other Investors: Index Ventures
- Valuation at Round: $2.7 billion
- Motivation Behind the Round: To continue growth while transitioning away from ongoing VC dependency.
- Series C1 (May 2021)
- Amount Raised: USD $73 million
- Date: May 3, 2021
- Lead Investors: Insight Partners
- Other Investors: Tiger Global Management, Index Ventures, Blackbird Ventures
- Valuation at Round: ~$1.6 billion (USD)
- Motivation Behind the Round: To scale operations globally and deepen product capabilities.
- Series C (October 2020)
- Amount Raised: USD $35 million (approx.; includes ~$14M equity, remainder secondary)
- Date: October 2020
- Lead Investors: Blackbird Ventures
- Other Investors: Index Ventures, Insight Partners
- Valuation at Round: $1.3 billion
- Motivation Behind the Round: To accelerate product development and support the company's unicorn status.
- Series C (April 2020)
- Amount Raised: USD $35.5 million
- Date: April 7, 2020
- Lead Investors: TDM Growth Partners
- Other Investors: Blackbird Ventures, Index Ventures, Skip Capital, Scott Farquhar, Lucy Turnbull, Malcolm Turnbull
- Valuation at Round: $800 million
- Motivation Behind the Round: To further scale operations and enhance product offerings.
- Series C (May 2018)
- Amount Raised: USD $47 million
- Date: May 21, 2018
- Lead Investors: Tiger Global Management
- Other Investors: Blackbird Ventures, Index Ventures, Morpheus Ventures, Scott Farquhar
- Valuation at Round: $330 million
- Motivation Behind the Round: To scale the company's operations and expand its global market presence.
- Series B (October 2016)
- Amount Raised: USD $23 million
- Date: October 18, 2016
- Lead Investors: Index Ventures
- Other Investors: Blackbird Ventures, Scott Farquhar
- Motivation Behind the Round: To ramp up marketing efforts, continue product development, and increase customer outreach.
- Series A (September 2015)
- Amount Raised: USD $6.1 million
- Date: September 22, 2015
- Lead Investors: Blackbird Ventures
- Motivation Behind the Round: To support early-stage growth and product development.
- Seed (November 2014)
- Amount Raised: USD $2.1 million
- Date: November 2014
- Lead Investors: Blackbird Ventures
- Motivation Behind the Round: To fund early-stage operations and product development.
- Seed (November 2013)
- Amount Raised: USD $1.2 million
- Date: November 2013
- Lead Investors: Blackbird Ventures
- Motivation Behind the Round: To kickstart the company's initial operations and product development.
- Grant (November 2013)
- Amount Raised: USD $1.8 million
- Date: November 2013
- Motivation Behind the Round: Prize money / grant to support early innovation.
Total Amount Raised: at least $367.7 million based on disclosed funding (USD equivalent across all rounds).
Current Valuation: AU$2.5 billion (~USD $1.6 billion, as of September 2024)
Key Investors
- Airtree Ventures
- Details: An Australian venture capital firm focused on backing technology founders across Australia and New Zealand. The September 2024 SafetyCulture investment was the largest initial investment Airtree has ever made.
- Investment Focus Areas: Technology, SaaS, Marketplaces.
- Notable Investments: Canva, Go1, Employment Hero.
- Blackbird Ventures
- Details: An Australian venture capital firm that focuses on investing in technology startups. Blackbird has backed SafetyCulture from its earliest Seed rounds through its latest raise.
- Investment Focus Areas: Technology, SaaS, HealthTech, FinTech.
- Notable Investments: Canva, Culture Amp, Zoox.
- Insight Partners
- Details: A global software-focused investment firm headquartered in New York. Insight led SafetyCulture's Series C1 round in 2021, helping push its valuation to $1.6 billion USD.
- Investment Focus Areas: Enterprise Software, SaaS, Internet.
- Notable Investments: Twitter, Shopify, Qualtrics.
- Tiger Global Management
- Details: A New York-based investment firm known for significant investments in high-profile tech companies. Tiger Global led SafetyCulture's 2018 Series C round.
- Investment Focus Areas: Technology, Internet, Software, Consumer.
- Notable Investments: Facebook, Spotify, LinkedIn.
- Index Ventures
- Details: A global venture capital firm that invests in technology and innovation. Index Ventures led SafetyCulture's Series B and has participated in multiple subsequent rounds.
- Investment Focus Areas: Enterprise, SaaS, FinTech, HealthTech.
- Notable Investments: Dropbox, Slack, Robinhood.
What's Next for SafetyCulture?
SafetyCulture stands at the cusp of significant growth opportunities, driven by the increasing demand for digital solutions in the safety and quality management sector. With a market potential estimated at $120-150 billion annually, the company is well-positioned to replace traditional paper-based inspection processes with its innovative iAuditor app. This shift not only centralizes data but also provides real-time risk flagging, making it an invaluable tool for industries worldwide.
Given the substantial backing from high-profile investors like Tiger Global and Blackbird Ventures, SafetyCulture is likely to attract further funding to scale its operations and enhance its product offerings. However, the company may face challenges such as competition from other tech firms, data security concerns, and adapting to diverse regulatory environments. Despite these hurdles, SafetyCulture's robust growth strategy and market potential make it a promising player in the tech industry.
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