SafetyCulture raises $165 million round at $2.5 billion valuation
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The news: SafetyCulture has clinched one of the biggest rounds of the year with investors paying $165 million for shares at a $2.5 billion valuation. The round comprised $75 million in primary and $90 million in secondary sales. The round was led by Airtree and joined by existing investors Blackbird and Morpheus Ventures.
The context: The raise values SafetyCulture slightly lower than its previous raise. Last year the startup got a $34 million top up at a valuation of $2.7 billion.
Yet, it still represents a leap from where the workplace safety tech startup has come from — it first reached unicorn status in 2020. The new cash will be used to develop new products, including AI-powered ones, and to "reward long-term employees", meaning a share buyback is likely around the corner.
Anear told Capital Brief last month that his macro goal for SafetyCulture was customer growth: In 2022 he made as a goal multiplying the startup's customer base by 100 in 10 years.
SafetyCulture says it now has 2 million users, and over 800 employees.
What they said: SafetyCulture founder and CEO Luke Anear said: "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".
Airtree partner Kell Reilly said of the VC's decision to invest: “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."
Correction: This story was updated to clarify that the round comprised $75 million in primary and $90 million in secondary sales.
The source: SafetyCulture media release
