The raising will support the company’s growth and expansion during the COVID-19 pandemic
Herbert Smith Freehills (HSF) has advised safety management company SafetyCulture on a $60.5m capital raising.
The deal involved a Series C1 capital raise and secondary sale based on a $1.35 bill pre-money valuation, according to the firm. The equity will be used to fund the company’s growth and expansion efforts throughout the COVID-19 pandemic.
HSF said that the secondary capital was returned to long-term SafetyCulture employees “to reward their hard work and loyalty to date.”
TDM Growth Partners spearheaded the round, with Blackbird and Index Ventures as co-investors.
Established in 2004, SafetyCulture is a provider of occupational health and safety documents. It also developed the inspection app iAuditor.
“SafetyCulture is an amazing business, and its growth trajectory is incredible,” said HSF solicitor Lisa Alderson.
Alderson supported partner and head of venture capital Peter Dunne on the transaction.
“It was a pleasure working with Peter and Lisa on the Series C1 transaction. Both were extremely responsive and provided pragmatic, commercial advice in a timely matter,” said SafetyCulture chief of staff and company secretary Kate Pullinger. “No easy feat in light of the tight timeframes and unprecedented challenges facing the company and the Australian economy as the COVID-19 crisis unfolded.”
SafetyCulture CEO Luke Anear also worked closely with the HSF team.
In March, HSF’s private equity and venture capital team confirmed its role in a number of successful venture capital deals.
