SafetyCulture Revenue, Valuation, Funding & Investors
SafetyCulture is valued at $1.8B as of September 2024, a 21.1x multiple on its last reported $84M revenue.
Last SafetyCulture valuation
$1.8B
Secondary · Sep 2024
Last SafetyCulture funding round
$52M
Undisclosed stage · Sep 2024
SafetyCulture revenue
$84M
Secondary · Sep 2024
Key investors in SafetyCulture
Blackbird Ventures
Index Ventures
Scott Farquhar
Morpheus Ventures
Tiger Global
Bill Tai
About SafetyCulture
SafetyCulture is an Australian mobile-first operations platform for inspections, issues management, and training. Sydney-headquartered, it powers frontline teams in construction, manufacturing, and aviation with templates for JSA and audits. SafetyCulture supports 85,000 organizations worldwide including United Airlines and Hilton, integrating with PowerBI for corrective action tracking.
Founded
2004
HQ
SydneyWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$84M (Sep 2024)
Valuation
$1.8B (Sep 2024)
SafetyCulture Valuation
SafetyCulture is currently valued at $1.8B, based on its secondary sale in September 2024.
SafetyCulture's valuation has grown 5.4x from $330M at its Series C in May 2018 to $1.8B in September 2024, across 7 priced rounds.
SafetyCulture valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2024 | Secondary | $1.8B | 21.1x |
| Sep 2024 | Undisclosed stage | $1.7B | 17.3x |
| Aug 2023 | Series C | $1.8B | 17.5x |
| May 2021 | Series D | $1.6B | - |
| Oct 2020 | Series C | $330M | - |
| Apr 2020 | Series C | $800M | 8.0x |
| May 2018 | Series C | $330M | - |
SafetyCulture Revenue
SafetyCulture's latest recorded revenue is $84M, as of its secondary sale in September 2024. At a $1.8B valuation, that implies a 21.1x revenue multiple.
Revenue moved from $100M in April 2020 to $84M in September 2024, while the revenue multiple moved from 8.0x to 21.1x.
SafetyCulture revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2024 | $84M | $1.8B | 21.1x | Secondary |
| Sep 2024 | $100M | $1.7B | 17.3x | Undisclosed stage |
| Aug 2023 | $100M | $1.8B | 17.5x | Series C |
| Apr 2020 | $100M | $800M | 8.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
SafetyCulture Funding History
SafetyCulture has raised a total of $295M across 10 funding rounds, plus 1 secondary share sale.
SafetyCulture's first fundraising round was a $3M seed round in October 2013. The most recent completed round was a $52M undisclosed-stage round in September 2024.
SafetyCulture funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Secondary | - | $62M | $1.8B | SafetyCulture is a workplace operations platform that empowers businesses to streamline safety processes, improve operational performance, and create safer working environments through digital innovation. The company offers cloud-based software serving 85,000 businesses with close to 2 million users worldwide. In September 2024, SafetyCulture closed a $165 million funding round that valued the company at $2.5 billion AUD. The round comprised $75 million in primary capital and $90 million in secondary sales from existing shareholders. Airtree Ventures led the investment as their largest initial investment to date, alongside existing investors Blackbird and Morpheus Ventures. The valuation represented a decrease from the company's previous $2.7 billion valuation from an August 2023 raise. The fresh capital will fund development of industry-leading AI-powered solutions for enterprise customers, accelerate artificial intelligence adoption across the platform, and fund share buybacks to reward long-term employees. SafetyCulture has experienced record growth in user sign-ups and has seen its average customer size double over the previous two years. The company increased headcount by 100 employees over the six months preceding this round, bringing total staffing to over 800 across six global offices. SafetyCulture maintains an ambitious growth target of reaching 100 million users by 2032, up from approximately 2 million at the time of the funding round. The company has built what it describes as the world's largest repository of workplace data, containing over 5 petabytes of information and billions of images, which it intends to leverage with AI capabilities to enhance frontline worker productivity. |
| Sep 2024 | Undisclosed stage | Airtree Ventures (lead); HESTA; Blackbird Ventures; Hostplus; Morpheus Ventures | $52M | $1.7B | SafetyCulture, an Australian workplace safety and operations software company offering platforms like iAuditor and EdApp for compliance, checklists, training, asset management, and IoT, closed a $AU165 million funding round in September 2024 valuing the company at $AU2.5 billion. The round was led by Airtree Ventures, its largest initial investment, with participation from Blackbird Ventures and others including HESTA and Hostplus, enabling innovation for enterprise customers, AI adoption, and employee liquidity. This followed a prior $73 million raise at $1.6 billion valuation led by Insight Partners. The company has demonstrated strong growth, with 85,000 businesses and nearly 2 million users worldwide, record sign-ups, customers doubling in size over two years, and expansion to over 800 employees across six offices. It targets 100 million users by 2032 and holds the world's largest repository of workplace data at over 5 petabytes. Projections indicate $100 million ARR by end of 2024, with 105% growth in the prior year and cash flow positivity for 18 months. Financials show total revenue of approximately $161.5 million AUD in 2024 per IBISWorld, with 796 employees. The funding supports global acceleration post-launch of its workplace operations platform in October 2023. |
| Aug 2023 | Series C | Marbruck (lead); Morpheus Ventures (lead); Index Ventures | $22M | $1.8B | SafetyCulture, a workplace operations platform provider, raised AU$34 million from Morpheus Ventures, Marbruck Investments, and Index Ventures on approximately August 14, 2023, at a post-money valuation of AU$2.7 billion. The round represented less than 2% dilution and funds acceleration of the product roadmap, including significant updates to the platform over the next six months. CEO Luke Anear highlighted strong growth, with over 75,000 businesses and 1.5 million workers using the platform worldwide, targeting 100 million users by 2032. A recently released asset management function has seen rapid adoption, with customers loading over 600,000 assets and performing more than 500,000 inspections, growing over 25% monthly. The capital supports building features that deliver real value to expand customer reach. SafetyCulture offers additional products like SafetyCulture Care for insurance, SHEQSY for lone worker safety, and a marketplace. This round follows prior funding and precedes a larger AU$165 million raise in 2024 led by Airtree Ventures at AU$2.5 billion valuation, including primary and secondary sales for product innovation, AI adoption, and employee rewards. At that time, the company reported 85,000 businesses and nearly 2 million users, with record sign-ups, doubled average customer size over two years, and over 800 employees across six global offices. |
| May 2021 | Series D | Insight Partners (lead); Index Ventures; Blackbird Ventures; Tiger Global | $74M | $1.6B | SafetyCulture is a global operations platform that empowers working teams to drive improvements in the workplace through a mobile-first platform, including its flagship product iAuditor for inspections. On May 3, 2021, the company announced a $2.2 billion post-money valuation following a funding round led by Insight Partners, with participation from existing investors Tiger Global, Index Ventures, and Blackbird Ventures. The round, reported as $73 million USD (or A$99 million), supported business expansion as SafetyCulture evolved from a checklist app into a comprehensive operations platform. At the time, SafetyCulture served 28,000 companies and had surpassed 100 million completed inspections in iAuditor, demonstrating strong product traction. This valuation marked a significant jump from its prior unicorn status at A$1.3 billion (approximately $1 billion USD) achieved in April 2020 after raising A$60.5 million from TDM Growth Partners and others, including Blackbird Ventures, Index Ventures, Malcolm Turnbull, and Scott Farquhar via Skip Capital. The funding emphasized SafetyCulture's growth in delivering value to a broader operational user base, with investments aimed at enhancing platform capabilities to improve quality, efficiency, and safety by enabling actionable insights from worker-captured data. |
| Oct 2020 | Series C | Blackbird Ventures (lead); Index Ventures | $34M | $330M | SafetyCulture, developer of the iAuditor app for workplace safety checklists and related tools like Spotlight for incident reporting, completed a $47 million Series C funding round, bringing total raised to $74 million at a post-money valuation of $330 million USD. The round was led by Tiger Global Management, with participation from existing investors Blackbird Ventures, Index Ventures, Morpheus Ventures, and Atlassian co-founder Scott Farquhar. Funds were allocated to global go-to-market expansion, product and engineering team growth in Australia, and investments in IoT and workplace training. At the time, SafetyCulture had attracted 15,000 organizations (over 4,000 Australian) to its platform and expanded its workforce from 85 in 2017 to 214 employees across offices in Sydney, Townsville, Kansas City, Manchester, and Manila. Blackbird Ventures co-founder Rick Baker highlighted the company's bottom-up sales model similar to Atlassian, fast growth, and low customer acquisition costs. Index Ventures partner Jan Hammer noted SafetyCulture's disruption of a $150 billion market still reliant on paper checklists, with rapid adoption by large companies. |
| Apr 2020 | Series C | TDM Growth Partners (lead); Index Ventures; Blackbird Ventures; Scott Farquhar; Malcolm Turnbull; Skip Capital; Lucinda Mary Turnbull | $36M | $800M | SafetyCulture is an Australian digital operations and compliance platform that enables companies to manage safety and quality checks across distributed workforces through a mobile-first interface. The company's core product, iAuditor, is used by workers and organizations globally to complete compliance and safety audits. In April 2020, SafetyCulture closed a Series C-1 funding round of $35.5 million led by TDM Growth Partners, with participation from Blackbird Ventures, Index Ventures, Skip Capital (investment vehicle of Atlassian co-founder Scott Farquhar), former Australian Prime Minister Malcolm Turnbull and his wife Lucy Turnbull, achieving a post-money valuation of $800 million and reaching unicorn status. The company had over 500,000 workers and 26,000 organizations using its platform across 85 countries, completing over 600 million checks annually. At the time of the April 2020 round, annual recurring revenue had grown 85% year-over-year, and the business had achieved cash-flow positivity. Nearly half of the $35.5 million round was allocated to secondary liquidity for employees with over three years tenure. The company subsequently raised $96 million at a $2.2 billion valuation in May 2021 led by Insight Partners, followed by a $34 million raise in August 2023 that valued the company at $2.7 billion. |
| May 2018 | Series C | Tiger Global (lead); Index Ventures; Blackbird Ventures; Scott Farquhar; Morpheus Ventures | $45M | $330M | SafetyCulture is an Australian workplace solutions tech company that provides a mobile platform, including the iAuditor app, for conducting safety and quality inspections, facilitating over a million inspections per month at the time. It targets a $150 billion market traditionally reliant on paper checklists, serving 15,000 companies with minimal sales and marketing spend through a bottom-up adoption model similar to Atlassian. In May 2018, SafetyCulture completed a $47 million Series C funding round led by Tiger Global Management, with participation from existing investors Blackbird Ventures, Index Ventures, Morpheus Ventures, and Atlassian co-founder Scott Farquhar. This round brought the company's total funding to $74 million and established a post-money valuation of $330 million, marking the largest raise by an Australian company in 2018. An alternative source lists the amount raised as $60 million with a $316 million valuation, but the official announcement confirms $47 million at $330 million. The capital was intended to accelerate global scaling, expand market presence, and further develop features to address customer needs, as the company had only built one percent of required functionality. Investors highlighted SafetyCulture's fast growth, low customer acquisition costs, and rapid adoption by large enterprises. |
| Oct 2016 | Series B | Index Ventures (lead); Blackbird Ventures; Scott Farquhar; Morpheus Ventures | $23M | - | SafetyCulture, an Australian workplace safety and operations platform originally focused on construction training, launched its iAuditor app in 2011 to digitize safety checklists and compliance monitoring for sectors like hospitality and construction. By October 2016, the company raised $23 million in its Series B funding round led by Index Ventures, with participation from Blackbird Ventures and Atlassian co-founder Scott Farquhar, who had led the prior Series A. This round followed earlier funding including a $6.1M Series A in September 2015 and $2M in February 2015, bringing total raised to around $31M at that point. The funds were intended to ramp up marketing, product development, and customer outreach, targeting the $150 billion safety and quality assurance market still reliant on paper checklists. At the time of the 2016 round, SafetyCulture had enabled over 30 million safety and quality inspections for major clients like Coca-Cola, Hilton, and AECOM, demonstrating strong product-market fit through a bottom-up sales model similar to Atlassian. The company had attracted 15,000 organizations, with over 4,000 in Australia, and was expanding globally with offices in Sydney, Townsville, Kansas City, Manchester, and Manila. Staff grew rapidly from 85 in 2017 (noting post-round growth) to 214 by the time of the next Series C announcement. Following the 2016 raise, SafetyCulture continued aggressive expansion, releasing apps like Spotlight for incident reporting and later EdApp for training and IoT integrations. Subsequent rounds included a $47M Series C in 2018 led by Tiger Global at a $330M valuation, growth equity in 2020 at $800M, and a $73M raise in 2021 at $1.6B valuation led by Insight Partners, with participation from Tiger Global, Index Ventures, and Blackbird, bringing total funding over $174M by 2020. The company scaled to 28,000 customers, 1.5M users across 85 countries, and 100 million iAuditor inspections by 2021, achieving unicorn status amid pandemic-driven demand for workplace safety tools. |
| Sep 2015 | Series A | Raven Ventures Australia (lead); Scott Farquhar (lead); Blackbird Ventures; MA Financial; Bill Tai | $4M | - | - |
| Nov 2014 | Seed | Scott Farquhar (lead) | $2M | - | - |
| Oct 2013 | Seed | Blackbird Ventures; Bill Tai | $3M | - | SafetyCulture raised $1.75 million in an unknown round in November 2013 to kickstart initial operations and product development. This early funding involved investors including Bill Tai and Blackbird Ventures. |
Who has invested in SafetyCulture?
17 investors have backed SafetyCulture across its funding rounds, including Blackbird Ventures, Index Ventures, Scott Farquhar, Morpheus Ventures, Tiger Global and Bill Tai.
Lead investors include Airtree Ventures, Marbruck, Morpheus Ventures, Insight Partners, Blackbird Ventures and 5 other investors.
SafetyCulture Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Sydney | 8 | Lead | Oct 2013 | |
 London | 6 | Lead | Oct 2016 | |
| Sydney | 5 | Lead | Nov 2014 | |
 Los Angeles, CA | 4 | Lead | Oct 2016 | |
| New York City, NY | 2 | Lead | May 2018 | |
| San Francisco, CA | 2 | Participant | Oct 2013 | |
| Melbourne | 1 | Participant | Sep 2024 | |
| Australia | 1 | Participant | Sep 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Malcolm Turnbull | Sydney | 1 | Participant | Apr 2020 |
| Melbourne | 1 | Participant | Sep 2024 | |
| Sydney | 1 | Lead | Aug 2023 | |
| Sydney | 1 | Lead | Sep 2015 | |
| New York City, NY | 1 | Lead | May 2021 | |
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Start Free TrialAcquisitions by SafetyCulture
SafetyCulture has acquired 2 companies to date.
Last acquisition by SafetyCulture was on April 5th 2022. SafetyCulture acquired SHEQSY for undisclosed valuation.
Latest Acquisitions by SafetyCulture
| Description | SHEQSY is a Melbourne-based cloud platform designed for lone worker health and safety management. Deployed by organizations in Australia and New Zealand, it features duress alarms, mandatory check-ins, two-way communication, and geofencing to protect field employees in high-risk environments like construction, utilities, and healthcare. Integrated with leading safety systems, SHEQSY enables rapid deployment without hardware requirements and supports compliance with Work Health and Safety regulations through real-time incident reporting and evacuation coordination. | EdApp is a Sydney-headquartered SaaS platform for microlearning in corporate and retail training since 2015. It delivers bite-sized lessons via mobile app, incorporating gamification, quizzes, and AI-generated content for employee onboarding and skill development. EdApp serves global brands in hospitality, finance, and manufacturing, with templates for compliance training and sales enablement. Features include offline access, analytics dashboards, and integrations with LMS like Moodle, supporting multilingual courses across 100 countries. |
| HQ Country |  | |
| HQ City | Auckland | Sydney |
| Deal Date | 5 Apr 2022 | 15 Sep 2020 |
| Valuation | undisclosed | $29M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all SafetyCulture acquisitions and their M&A valuation multiples. Start Free Trial | ||
Investments by SafetyCulture
SafetyCulture has invested in 4 companies to date.
Latest investment by SafetyCulture was on November 7th 2022. SafetyCulture invested in Sauce in their $2M Seed round.
Latest Investments by SafetyCulture
| Description | Sauce is an AI-powered product impact engine that automates personalized insights for product teams to drive adoption and revenue. It serves fast-growing companies such as Atlassian, Linktree, Whatnot, Incident.io, Tracksuit, Secure Code Warrior, and Eucalyptus. | Inauro is a Melbourne-based real-time data fusion platform connecting IoT sensors, ERP systems, and digital forms for industrial operations. Its Perspio software delivers contextual alerts and automation recommendations to field teams in mining and manufacturing. Drawing from deployments linking thousands of assets since 2017, Inauro optimizes workflows at sites in Australia and Southeast Asia, integrating with SAP and Microsoft Azure for predictive maintenance. | Unleash live is a Perth-headquartered cloud platform that processes live video and image streams using custom AI algorithms to detect and monitor objects from cameras, drones, satellites, and IoT sensors. Multiple users access real-time feeds simultaneously for collaborative analysis in infrastructure, pipelines, mining, construction, and emergency services sectors. Account extensions include 2D and 3D modeling, VR immersion, remote drone and robot control, IoT sensor fusion, broadcasting tools, media production features, data analytics, and graphing visualizations. Launched in 2015 by Australian developers, the scalable system collects, stores, and distributes data from networked field devices for small businesses and large enterprises across global operations. | EdApp is a Sydney-headquartered SaaS platform for microlearning in corporate and retail training since 2015. It delivers bite-sized lessons via mobile app, incorporating gamification, quizzes, and AI-generated content for employee onboarding and skill development. EdApp serves global brands in hospitality, finance, and manufacturing, with templates for compliance training and sales enablement. Features include offline access, analytics dashboards, and integrations with LMS like Moodle, supporting multilingual courses across 100 countries. | |
| HQ Country | | | | | |
| HQ City | Sydney | Sydney | Sydney | Sydney | |
| Deal Date | 7 Nov 2022 | 20 May 2022 | 6 Sep 2021 | 5 Sep 2019 | |
| Round | Seed | Series A | Series A | Strategic investment | |
| Raised | $2M | $3M | $6M | $4M | |
| Investors | Ultraviolet Ventures; Blackbird Ventures; Tamir Triguboff; Archangel Ventures; Earlywork; Minnow; Eucalyptus; Respondent; Airtree Ventures | - | Roger Allen | - | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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SafetyCulture Competitors
SafetyCulture competitors include listed companies like Glodon Co, Harbin Boshi Automation and KPIT Technologies, and private ones like BuildOps, Buildots and Kylinsoft.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $909M | $141M | $2.1B | 1.8x | |
| Los Angeles, CA | Private | $52M | - | $1B | 19.2x | |
 Tel Aviv | Private | - | - | $1B | - | |
| China | Publicly listed | $422M | $106M | $1.7B | 3.5x | |
| Tianjin | Private | $209M | - | $1.6B | 7.6x | |
 India | Publicly listed | $673M | $128M | $1.6B | 2.2x |
SafetyCulture Public Comps
SafetyCulture is still privately-owned, but its public comps include Harbin Boshi Automation, KPIT Technologies, Proto Labs, Glodon Co, Zwsoft, Imdex, Vitec Software, Qt Group, GuoChuang Software and Shenzhen Tianyuan Dic.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $422M | $106M | 3.5x | 3.5x | 14.0x | 11.4x | |||
| $673M | $128M | 2.3x | 2.2x | 11.8x | 11.3x | |||
| $533M | $65M | 3.6x | 3.4x | 29.6x | 21.3x | |||
| $909M | $141M | 1.8x | 1.8x | 11.4x | 9.8x | |||
| $133M | $12M | 7.4x | 6.9x | 79.9x | 49.1x | |||
| $370M | $94M | 3.7x | 3.6x | 14.6x | 11.4x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $249M | $62M | 4.3x | 3.9x | 17.3x | 16.0x | |||
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Common questions about SafetyCulture
| When was SafetyCulture founded? | SafetyCulture was founded in 2004. |
| Where is SafetyCulture headquartered? | SafetyCulture is headquartered in Sydney, Australia. |
| Is SafetyCulture publicly listed? | No, SafetyCulture is a private, VC-backed company. |
| What is SafetyCulture's valuation? | SafetyCulture was last valued at $1.8B in its secondary sale in September 2024. |
| How much funding has SafetyCulture raised? | SafetyCulture has raised $295M across 10 funding rounds. |
| What was SafetyCulture's last funding round? | SafetyCulture's last funding round was a $52M undisclosed-stage round in September 2024, led by Airtree Ventures. |
| Who are SafetyCulture's investors? | SafetyCulture's investors include Blackbird Ventures, Index Ventures, Scott Farquhar, Morpheus Ventures, Tiger Global, Bill Tai, HESTA, MA Financial, Malcolm Turnbull, Hostplus and 7 others. |
| What is SafetyCulture's revenue? | SafetyCulture's latest recorded revenue is $84M (September 2024). |
| What is SafetyCulture's revenue multiple? | SafetyCulture's latest valuation implies a 21.1x revenue multiple ($1.8B valuation on $84M of revenue). |
| Which companies are comparable to SafetyCulture? | Companies comparable to SafetyCulture include Glodon Co, BuildOps, Buildots, Harbin Boshi Automation, Kylinsoft and KPIT Technologies. |
| How many companies has SafetyCulture acquired? | SafetyCulture has acquired 2 companies, including SHEQSY and EdApp. |
| What was the largest acquisition by SafetyCulture? | The $29M acquisition of EdApp in September 2020 is the largest acquisition SafetyCulture has made to date. |
| How many companies has SafetyCulture invested in? | SafetyCulture has invested in 4 companies, including Sauce, Inauro, Unleash live and EdApp. |
| What was SafetyCulture's last investment? | In November 2022, SafetyCulture invested in Sauce's $2M seed round alongside Ultraviolet Ventures, Blackbird Ventures, Tamir Triguboff and 6 other investors. |
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