SafetyCulture’s Massive £1.6 Billion Valuation Is Bright Signal Of The Growing Connected Worker Technology Markets
Mobile-first safety and operations vendor SafetyCulture has announced a new valuation A$2.2 billion (approximately GBP £1.6 billion) on the heels of a recent A$99 million funding round led by global venture capital and private equity firm Insight Partners. This latest valuation highlights an almost A$1 billion in growth compared to its last valuation of A$1.3 billion in April 2020 which came after securing A$60.5 million from TDM Growth Partners. This round of funding and valuation, which was based on SafetyCulture’s progress in delivering value to a broader operational user base and its continued growth across a wide range of industries, makes it the largest safety tech valuation to date.
The nearly doubling of SafetyCulture’s 2020 unicorn valuation comes during largest periods of economic and societal turbulence seen for decades and brought upon by the COVID-19 pandemic. SafetyCulture’s employee base has grown 2.5 times in the last three years and has reached 1.5 million users in over 85 countries utilizing its platform. Additionally, SafetyCulture has just surpassed 100 million completed inspections in their flagship product, iAuditor. This quick growth shines a light on how valuable safety tech has become in supporting business resilience and protecting workforces during the pandemic. Firms have been scrambling to find means of coping with the impacts COVID-19 has had on disruptions of operations and furloughing of resources.
Due to these challenges, connected worker technology has increasingly become a key cog in operational continuity and safety compliance as firms have had to rely on new means of operating. Mobile applications have seen a boom in growth as remote auditing, inspections and worker engagement has become the norm with increasingly remote and distanced workforces. In our 2020 survey of 301 EHS decision-makers, 46% of respondents planned to increase their investments in mobile EHS applications. Safety tech firms like have positioned themselves to be the solution providers firms turn to answer these challenges as demonstrated by their quick growth and historical valuation.
Will connected worker technologies continue this substantial growth and continue to garner interest from investment firms? There is a lot watch as these market shape up but recent growth, visibility and investments are all positive.