HammerTech: Construction Safety Software Company Raises $70 Million
Summary
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. It now serves over 500 clients worldwide, including contracting giants with multibillion-dollar turnovers. 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.This is a pivotal moment in our evolution, ultimately benefiting our clients and the industry. 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 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 couldnt 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.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.