SafetyCulture founder and chief executive Luke Anear.Credit:Nic Walker
SafetyCulture will use the funds to reward early employees,hire more people and accelerate product development.
All staff who have been with SafetyCulture longer than three years – around 10 per cent of the total workforce – have been given an opportunity to cash out some of their vested equity.
SafetyCulture is best known for its iAuditor app,which has been used by more than 500,000 workers and 26,000 organisations in 85 countries to complete more than 600 million checks per year.
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The startup,founded by Luke Anear in 2004 from his garage,has teams in Sydney,Townsville,Kansas City,Manchester and Manila. Mr Anear said he wants to continue to expand the business from a checklist app into a strategic platform that connects distributed teams,raises safety and quality standards while making them more efficient.
The startup's revenue nearly doubled to $28.3 million in 2018-19,according to its most recent accounts lodged with the corporate regulator,with the company saying annual recurring revenue was up 85 per cent during the past year.
"This is an exciting milestone for us to achieve as a company,particularly during uncertain times like these,"Mr Anear said."We’re particularly happy about giving employees the opportunity to sell some of their equity as a reward for all their hard work and continued loyalty."