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SafetyCulture finalises multimillion-dollar capital raising
Herbert Smith Freehills has advised SafetyCulture on its multimillion-dollar follow-on Series C1 capital raise and secondary sale.
Emma Musgrave
Firm: Herbert Smith Freehills (SafetyCulture)
Value: $48.5 million.
Area: Venture capital
Key players: The Herbert Smith Freehills team was led by partner and head of venture capital Peter Dunne and solicitor Myra Beal.
Deal significance: SafetyCulture is described as “a market-leading and innovative company that enables companies and workers to effectively manage safety and quality in workplaces from a mobile device”.
“This latest funding round will be used towards on-going R&D and to reward longstanding employees by giving them an early opportunity to cash out their stock options. Similar to its Series C1 funding earlier this year, all staff who have been with the company longer than three years were eligible to participate,” a statement from HSF said.
Commenting further, Ms Beal said: “SafetyCulture has cemented its position as one of Australia’s greatest start up success stories. It is fantastic to be working closely with the company at this important stage of its growth and expansion, and to achieve a great investment outcome for the company and some liquidity for hard working employees and loyal early investors. Luke Anear, Kate Pullinger, Adam Brenner and the rest of the SafetyCulture team are always a pleasure to work with.”
SafetyCulture’s chief of staff and company secretary, Kate Pullinger, thanked HSF for their ongoing support, with the firm having previously advised SafetyCulture on its $6.1 million Series A, $60 million Series C and $60.5 million Series C1 capital raises.
“It’s been great to have the Herbert Smith Freehills team’s support on this latest capital raise,” Ms Pullinger said.
“It will allow us to commit to on-going R&D, continue our recruitment drive and ensure we remain on track with our ambitious product development goals. It’s also been a chance to provide another opportunity for our long-serving employees to cash out some of their equity.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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