Construction safety software company HammerTech announced plans to accelerate business expansion and product innovation following a $70 million (A$105 million) growth investment from US-based Riverwood Capital, one of the leading investment firms solely dedicated to technology growth and scalability.
The new funding round will drive growth and accelerate research and development. This includes integrating AI and other technologies into HammerTech’s safety intelligence software platform for general contractors, which is trusted by more than a million workers globally.
Launched in 2013, HammerTech has posted impressive growth. It now serves over 500 clients worldwide, including contracting giants with multibillion-dollar turnovers. They include Shawmut Design and Construction, DPR Construction, and market leaders like Hutchinson in Australia and European contractor John Paul Construction.
HammerTech has been used on over 20,000 construction projects worldwide, with over 3.6 million workers inducted via the platform to date.
Growth equity firm Arrowroot Capital will remain a HammerTech shareholder after investing in the Melbourne-headquartered firm in 2019. And Riverwood Capital will now have HammerTech board representation, in addition to Arrowroot Capital.
Lightning Partners worked as a financial advisor to HammerTech in connection with the deal.
KEY QUOTES:
“This is a pivotal moment in our evolution, ultimately benefiting our clients and the industry. We remain focused on delivering further efficiency gains through smarter workflows, keeping us at the forefront of construction technology to ultimately make construction sites safer.
“Working on a construction site is still one of the most dangerous jobs in the world, with the highest number of workplace fatalities of any industry. Sadly, many of these life-changing events are preventable.
“As projects become more complex, technologies must go beyond digitizing forms. We need to make day-to-day processes and activities easier for site teams so they can focus on working safely and doing what they do best – building.”
– HammerTech CEO and Co-Founder Ben Leach
“HammerTech powers the safety programs for the most sophisticated construction firms in the world. Ben and the team have built an incredible business centered around delivering value to stakeholders, in an industry that is traditionally underserved by transformative technologies.”
“We couldn’t be more excited to partner with such a visionary team in the next phase of their growth as they bring a much-needed enterprise-wide safety intelligence software to new markets and customers.”
– Jeff Parks, Co-Founder & Managing Partner, Riverwood Capital
“We view HammerTech as a mission-critical solution for modernizing and automating job site safety.”
“From general contractors to specialty contractors to asset owners, HammerTech delivers value that is driving tangible ROI all while making the job site a safer place to work.”
“We are impressed by its well-designed platform for onboarding and orientation, safety inspections, incident reporting, and job site compliance – with clear audit trails for lookbacks.”
– Ramesh Venugopal, Partner, Riverwood Capital
