Construction tech startup MyPass raises $7.5 million for global expansion
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The news: MyPass, a startup which makes software that verifies the credentials of workers at construction and mining sites, has completed its first capital raise after 10 years. Its customers already include BHP, Shell and Woodside.
The numbers: MyPass has raised $7.5 million at a $57.2 million valuation, giving up roughly 13% equity in exchange for investor funding.
The round was led by OneVentures, which last year told Capital Brief it was raising $200 million for its Fund VII.
MyPass said more than 1,300 companies use its software to track the qualifications of 110,000 contractors globally.
The context: Founded in 2013, MyPass helps those managing construction and mining sites ensure all contractors hold the necessary qualifications and certifications for their roles.
Based in Australia, the SaaS startup also operates in Chile, Canada and the US. The newly raised funds will support further international expansion.
What they said: MyPass founder Matt Smith said: “OneVentures’ investment combined with its strategic, hands-on support will be pivotal as we scale the platform into the Americas."
OneVentures' Bevan Shields added: "MyPass has not only achieved financial scale through a large and rapidly growing customer base but is also demonstrating a strong growth rate while scaling in a capital-efficient manner. We are excited to be partnering with Matt and the MyPass team to support and accelerate their continued success."
