SafetyCulture closes $165 million round to fuel further global expansion and AI innovation for the frontline

9 September 2024 – SafetyCulture has closed an $AU165 million round which will help fund industry-leading innovation for larger enterprise customers, accelerate AI adoption, and reward its long-term employees. The funding round, which values SafetyCulture at $AU2.5 billion, was led by Airtree Ventures and is the largest initial investment the venture capital firm has made.

Announcing the completion of the round, SafetyCulture’s Founder and CEO, Luke Anear, said: "We have now closed this round and are excited about the opportunities it creates for us to accelerate our growth and help even more customers. It’s a tough environment to be raising in, but we’re proud of the results the business is delivering and pleased that we can continue to create regular liquidity events for early investors and long-term employees.”

Caption: SafetyCulture CEO and Founder, Luke Anear with COO and CFO John Blake. The funding round follows the launch of SafetyCulture’s workplace operations platform in October 2023, which introduced new capabilities in training, asset management, sensors and IoT functionality. With 85,000 businesses and close to 2 million users around the world now using SafetyCulture, customers are continuing to embrace the platform and roll it out to more of their teams.

The company has seen record growth in sign-ups, and its average customer has doubled in size over the last two years. SafetyCulture has added 100 new roles over the past six months, with more than 800 employees now working from its six offices around the world, to support its accelerating global growth and track towards its ambitious target of reaching 100 million users by 2032.

In 2023, SafetyCulture introduced AI-enhanced features, such as mobile-first training course creation and instant inspection template generation from prompts, images, or files. However, SafetyCulture believes there is still much more potential for AI to change the lives of frontline workers.

“We’ve only scratched the surface when it comes to transforming frontline work. Few tech companies have our direct reach to frontline workers across so many different industries, so we have both a responsibility and a massive opportunity to create significant change for these people”.

“We’ve built the world's largest repository of workplace data, containing over 5 petabytes of data and billions of images. AI is the way we can make sense of that information, and if we can harness it properly, we’ll effectively be able to give frontline teams superpowers that will completely change the way they work,” said Anear.

Commenting on the significance of this deal for Airtree Ventures, Kell Reilly, Partner at Airtree Ventures, said: “Having tracked SafetyCulture’s journey to date, now is an opportune time to join them at this inflection point. SafetyCulture has all the hallmarks of Silicon Valley’s tech heavyweights–a compelling vision, product, scale and team. We’re excited to partner with another Aussie success story that’s making waves on the global stage." The round was led by Airtree and joined by existing investors Blackbird and Morpheus Ventures. Australian Super Funds, including Hostplus and HESTA also took part in the round via Blackbird.

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