- Private equity firm Riverwood Capital views HammerTech's safety intelligence software platform as a 'mission-critical solution' for construction
- The investment will fund growth and the integration of AI and other technologies to deliver further efficiency gains to contractors.
MELBOURNE, Australia and MENLO PARK, Calif., July 15, 2024 /PRNewswire/ -- Construction safety software company HammerTech is set to accelerate business expansion and product innovation following a US$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 capital will spur growth and accelerate research and development. This includes the integration of AI and other technologies into HammerTech's safety intelligence software platform for general contractors and trusted by more than a million workers globally.
"This is a pivotal moment in our evolution, ultimately benefiting our clients and the industry," says HammerTech CEO and Co-Founder Ben Leach. "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."
Alongside its financial investment, Riverwood brings expertise in growing and scaling technology companies globally, guiding HammerTech as it continues its ambitious expansion strategy.
"HammerTech powers the safety programs for the most sophisticated construction firms in the world," said Jeff Parks, Co-Founder & Managing Partner, Riverwood Capital. "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."
"We view HammerTech as a mission-critical solution for modernizing and automating job site safety," says Ramesh Venugopal, Partner, Riverwood Capital. "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," said Ramesh Venugopal, Partner, Riverwood Capital.
"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."
Founded 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 around the world, with more than 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. Riverwood Capital will now have HammerTech board representation, in addition to Arrowroot Capital.
Lightning Partners served as financial advisor to HammerTech in connection with the transaction.
Media Contact:
North America: Caitlin Mitchell, Riverwood Capital caitlin@rwcm.com
AUS: John Fergusson, Daymark, john.fergusson@daymark.com.au +61 (0) 407 826 952
About HammerTech: Built for construction, HammerTech's safety intelligence software platform was created to improve worker safety and solve site efficiency challenges. Launched in 2013, the breadth, deep insights and expertise of HammerTech is trusted by over 20,000 projects led by construction's best contractors including Hutchinson, DPR Construction, Shawmut Design and Construction, and John Paul Construction to make their job sites among the safest in the world. Visit www.hammertech.com to learn more.
About Riverwood Capital: Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008 and has had the opportunity to invest in and support over 80 companies since inception. The Firm has offices in Menlo Park, CA; Miami, FL; New York, NY; and São Paulo, Brazil. Please visit www.riverwoodcapital.com.
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