SAYFR Gets $3m Backing from Nordic Venture Fund
The unique mix of data and digital solutions approach developed by safety culture specialist SAYFR has been given added momentum from the Nordic venture fund Corinthian Venture Partners (CVP).
CVP has invested nearly $3m in SAYFR’s share issue to scale up SAYFR’s SaaS offering. This solution comprises unique data insights and a set of digital products which improve organizational safety culture, improvements that can help to save lives and reduce accidents and environmental pollution.
The move is due to rising demand for a deeper understanding of organizational culture and the role it plays in safer operations. SAYFR Chief Executive Johan Rostoft has been joined by Chairperson of the Board Lasse Kristoffersen, the incoming CEO at Wallenius Wilhelmsen in June this year.
Rostoft said SAYFR has been very busy throughout the pandemic and has recruited to strengthen its team. “To keep up with increasing demand, we need to grow faster and raise external funding,” he explained.
Kristoffersen said SAYFR “combines deep insight into why incidents happen and what needs to be done to avoid them, through a digital platform that’s simple to use and scalable.” He added: “This is evidently appealing to many clients in different market segments.”
Dr Torkel Soma, the Chief Scientist at SAYFR, who drives research and development and manages the core safety insights, spoke at a recent DNV round table discussion on safety. “Safety is on the right track but, to keep up the momentum, we need more advanced approaches. Big data is the way to be more proactive and understand organizational culture better,” he said adding, “Advanced analyses can predict the link between an organizational culture and the probability of accidents. Indeed, documented results show that in the companies we work with, the number of serious accidents has fallen by up to 80% and technical downtime by 35%.”
As part of the transaction, CVP will have two representatives on the board. SAYFR’s founders and management will remain majority shareholders.
“Corinthian Venture Partners has made this investment because SAYFR has a strong and dedicated team and a powerful digital solution for improving safety culture. We believe their risk management system will have a huge impact on safety culture worldwide. The solution is a game changer for companies in the marine, energy, construction and other heavy industries. We are very excited to be a part of scaling the company and look forward to the journey ahead of us,” says Erling Nilsen, partner at CVP and newly elected board member of SAYFR.
A key part in SAYFR’s approach is ensuring a mature organizational culture that positively impacts safety performance. This involves benchmarking and practical training that focuses on core leadership behaviors that help to develop a more collaborative and open culture.