SHE Software secures $9 million scale-up investment led by new investor Frog Capital

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SHE Software, a global Environmental, Health & Safety (EHS) management software company based in Chicago, announced today completion of a $9 million Series B investment led by Frog Capital from its new growth equity fund, with existing investors Northern Venture Capital Trust (VCTs) Funds at Mercia Fund Management Limited also participating.

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We typically help customers produce ROI paybacks within 12 months by improving EHS efficiencies and increasing engagement top-down, bottom-up.” - Matthew Elson, SHE Software CEO

The investment further validates SHE Software’s strong North American market position, spearheading further growth to build on the momentum achieved over the last two years. The firm plans to increase headcount to expand its global talent pool by 60 and develop the skillset of its existing team.

Matthew Elson, CEO of SHE Software explains, “SHE Software has played a critical role in helping develop the EHS 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 further scaling operations in North America.”

“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 ROI paybacks within 12 months by improving EHS efficiencies and increasing engagement top-down, bottom-up.”

SHE Software’s leading-edge cloud based, mobile-first platform is transforming the corporate approach to EHS management. Building on their rapidly growing client base of more than 250 organizations, SHE Software is also developing a strong partner network in the US.

SHE Software has witnessed strong growth during the past 12 months securing more than 80 new customers and an increase of 54% in orders during 2019.

The software as a service (SaaS) firm has continued to add innovation to its flagship product, Assure, most recently launching a Business Intelligence feature that allows its corporate users to identify trends, track leading indicators and predict where preventative interventions will be most effective.

Elson continues, “We chose the Frog team because of its focus and expertise in scaling software firms like ours internationally. Frog’s Scale-Up Methodology and Operating Partner team stood apart from our other options, and we very much look forward to writing the next chapter together.”

Global spending on EHS software is expected to reach $1.9bn in 2024*, with the mid-risk corporate market largely unserved by dedicated modern software services and is therefore experiencing significant growth.

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 EHS issues has impressed the Frog team a great deal.”

Charlie Winward, Managing Director, Northern Venture Capital Trust (VCTs) Funds at Mercia, said, “We are pleased to continue our support of SHE Software and welcome Frog Capital in this new funding round. SHE Software has made considerable progress in the EHS 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 exemplifies the benefits of the Northern VCTs’ approach to identifying and investing in technology firms. By combining our commercial and sector expertise with exciting opportunities and talented teams, we are seeking to build successful firms to create medium-term incremental shareholder value."

SHE Software is the team behind Assure, a truly user-configurable EHS management software platform that helps organizations achieve and demonstrate health and safety compliance, while generating cost-savings by reducing the administrative burden.

Deploying a mobile-first approach, employees and contractors can easily report EHS information ‘at source’, 24/7, on-site or off-site.

Assure is transforming how EHS is managed, engaging employees to generate new insights that help organizations target improvements and reduce incidents. Not only does Assure help demonstrate an organization’s duty of care, it also reduces the financial burden of incidents and claims. All while supporting EHS decisions that are data driven and fact-based.

Notes to editors

*Verdantix, EHS Software Market Size And Forecast 2019-2024 (Global), Feb 2019.

About SHE Software

For over 20 years, SHE Software has been developing Environmental, Health & Safety (EHS) management software. Founded in 1995, the firm now serves more than 250 customers across multiple sectors. Their safety accredited team is located across the US, UK and New Zealand.

The SHE Software team pride themselves in being expert in the application of technology to solve their customers’ EHS challenges. Assure, its EHS software solution, provides organizations with an easily accessible way to manage health, safety and compliance. Supporting a proactive approach, Assure, empowers EHS professionals to draw insight from their data and make targeted interventions.

http://www.shesoftware.com

About Frog Capital

Frog is a specialist growth equity investor, backing European software companies at the Scale-Up stage, across two key themes: digital infrastructure and smart data. They have recently announced the First Close of their new fund, Frog European Growth II (FEGII).

Frog invest in businesses with proven product-market fit, strong momentum and positive unit economics, typically with €3m+ revenues and 30% growth. Frog work with their portfolio companies using their ‘Scale-Up Methodology’ to help continue their growth. They provide support at the Scale-Up stage with a team of operational experts and entrepreneurs.

Further information available at http://www.frogcapital.com

About Mercia Asset Management PLC

The Northern VCTs are three VCT funds with over £270m AUM investing in scale-up businesses across the UK, typically with a first cheque of £2-4m and a view to providing follow-on funding at subsequent rounds. They are managed by Mercia.

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital; the Group's 'Complete Capital Solution'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has over £0.8million of assets under management and, since its IPO in December 2014, has invested over £90million across its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorized and regulated by the FCA under firm reference number 524856
  • Enterprise Ventures Limited is authorized and regulated by the FCA under firm reference number 183363
  • EV Business Loans Limited is authorized and regulated by the FCA under firm reference number 443560

http://www.mercia.co.uk

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Marissa Jambrone
SHE Software
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