The new injection of investment brings the startup’s valuation to US$1.7 billion. However, according to reports, the additional capital is only part of the story, as SafetyCulture is also seeking to recoup $500 million worth of shares from early investors in 2024.
SafetyCulture, which specialises in safety at work products and services, also offers customers access to tools that help them perform checks, train staff, report issues and identify opportunities to improve. The insurtech is currently holding a robust market position, and data reveals the startup took $84.4 million in revenue in the last financial year, – a 32% rise on the previous year.
The insurtech’s founder and CEO Luke Anear confirmed the latest round results to industry media – which closed in July. SafetyCulture hit profitability during the pandemic as insurtech boomed amid the digital transformation shift, globally. The leadership strategy will now focus on the steady scale of the company and moving into insurance following its acquisition of QBE – its insurance partner offering underwriting by Allianz.
In 2020, SafetyCulture acquired a stake in QBE to launch Mitti Insurance – a startup that specialises in small business insurance and risk management.
