HammerTech had its hands gone deep for a $105 million raise from a US-based private equity firm called Riverwood Capital.
👉 Background: HammerTech is a construction tech company founded in Melbourne in 2013. It's digital platform manages all the fun-construction-stuff like safety checks, compliance and incident reporting. Hammertech is now used by over 500 construction companies around the world on over 20,000 projects.
👉 What happened: Back in 2019, HammerTech raised $10 million, but now they’ve put their hand back in the cookie jar once again. This time, the hand has gone deep — we’re talking a raise of $105 million from a US-based private equity firm called Riverwood Capital.
👉 What else: HammerTech raised this whopping amount of capital to expand their compliance-tech platform into the US and Europe.
💡While flashy tech startups often grab headlines, it's the less glamorous sector that often create the most lucrative opportunities.
💡Industries focused on compliance, safety, and regulations might not spark immediate excitement, but they are essential for highly-regulated industries like construction, manufacturing, mining.
💡HammerTech isn’t the first Australian tech company to do well from a traditionally unsexy industry. There's also SafetyCulture - worth a cool $2.7 billion at its latest valuation in August 2023. So with this whopper raise, HammerTech are hoping they can bring their sexy tech to the US and Europe too.
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