SafetyCulture Raises $73 Million to Support Business Evolution

By McKenzie Carpenter Monday, May 3, 2021

SafetyCulture, a global operations software startup company, announced it reached unicorn status in the United States (US) after raising $73 million to support the business evolving from a checklist app to an operations platform for teams.

Workplace safety handbook and safety equipment.

About SafetyCulture

SafetyCulture is an Australian software startup company that provides a business operations management platform to enterprises. The mission of the business is to “help companies achieve safer and higher quality workplaces….”

Founder and CEO of SafetyCulture, Luke Anear, said in an interview the reason he founded the company was to help people do their best work every day without getting hurt. The National Safety Council estimates that a worker is injured on the job every seven seconds. This amounts to 104 million total production days lost to work-related injuries in 2017.

The startup company has two flagship app products: iAuditor and EdApp. The iAuditor app allows customers to gain visibility and insight into safety and quality standards, report issues, automate tasks, and create checklist templates for operations. EdApp is a mobile app and website that allows customers to create, test, and deploy microlearning courses to train employees. EdApp was formerly an independent company but was acquired by SafetyCulture in 2020 for $29 million.

According to SafetyCulture, the business has helped perform more than 30 million inspections through the iAuditor app. In addition, the startup company claims it has more than 100,000 checklist templates in its library. Furthermore, SafetyCulture states that more than 3.5 million lessons have been taken on the EdApp platform. Coca-Cola, Audi, Honda, Colgate, Gucci, and many other big corporations have implemented EdApp into their operations.

Index Ventures, Blackbird Ventures, and Tiger Global Management are a few investors in the startup company.

Unicorn Status

SafetyCulture announced in a company press release that it is valued at $2.2 billion AUD ($1.6 billion USD) — gaining unicorn status once again. This valuation gives SafetyCulture unicorn status in the US after gaining the same status in Australia last year. The business did not disclose what its previous valuation was.

This new valuation for the startup comes in conjunction with the business raising $99 million ($73 million) in financing led by Insight Partners. Existing investors also participated in this funding round.

In a blog post, the SafetyCulture team stated the new funding and valuation comes after the business has experienced tremendous growth. SafetyCulture stated it has grown 2.5 times in the last three years. Furthermore, 750,000 people worldwide use the iAuditor app to complete daily COVID-19 inspections. Additionally, more than 1.5 million users have signed up to the SafetyCulture platform in more than 85 countries.

Teddie Wardi, managing director at Insight Partners, said in a statement, “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.”

With the new capital, SafetyCulture plans to continue evolving from a simple checklist app into a full-scale operation platform for working teams. In addition, the startup will focus on strategic growth investments and potential acquisitions.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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