£7m funding boost for SHE Software
● Sum will help growth globally and of workforce, tech firm states
East Kilbride software company SHE Software has today announced the completion of a £7 million cash injection, helping drive its overseas expansion and boost its workforce.
The global health and safety software firm said the series B investment is led by Frog Capital from its new growth equity fund with existing investors Northern Venture Capital Trust Funds at Mercia Fund Management also participating.
The Scottish firm added that the investment will build on the momentum achieved over the last two years in the US. It also plans to up headcount by 60, including 15 new jobs announced earlier this year following funding of £1.4m from Scottish Enterprise.
Chief executive Matthew Elson said: “SHE Software has played a critical role in helping develop the health and safety management software industry, having pioneered digital innovation for over 20 years. From our dominant position in the UK and Europe, we are now focused on scaling operations in North America and
Australasia. Our customers are individuals who deal with complex and dispersed operations where the more traditional approach to managing health and safety is no longer adequate. We typically help customers produce [return on investment] paybacks within 12 months by improving health and safety efficiencies and increasing engagement top down, bottom up.”
The firm said that with a rapidly growing client base of more than 250 firms, including Network Rail, New Balance,
Vaillant Group and Renewi, its “cloud-based mobile-first” platform is “transforming” the corporate approach to health and safety management.
SHE Software is behind Assure, a health and safety software platform that helps companies with health and safety compliance, adding that it cuts costs by reducing paperwork. Taking a mobilefirst approach, employees and contractors can report health and safety information at source, 24/7, on site or off site.
SHE Software added that it has witnessed strong growth during the past 12 months securing 80-plus new customers and an increase of 54 per cent in orders during 2019. The software as a service company has also continued to progress its flagship product, Assure, recently launching a “business intelligence” feature.
Elson added: “We chose the Frog team because of its focus and expertise in scaling software companies like ours internationally… we very much look forward to writing the next chapter together.”
Mike Reid, senior partner at Frog Capital, commented: “SHE Software’s deep understanding of environmental, health and safety challenges, and how modern software engagement can transform attitudes and address key [relevant] issues has impressed the Frog team a great deal.”
Charlie Winward, MD of Northern Venture Capital Trust Funds at Mercia, said: “SHE Software has made considerable progress in the health and safety sector, and this syndicated round positions it well to continue its growth over the next few years and further build out its presence in the US market.
SHE Software was founded in Scotland in 1995 and also has offices in Manchester, Chicago and New Zealand.
“From our dominant position in the UK and Europe we are now focused on scaling operations in North America and Australasia”
CEO MATTHEW ELSON