In a statement, the company said the raise, which topped up its existing pre-seed raise, including existing investors Hillfarrance and NZGCP, and added $500,000 of industry angel investment from New Zealand, Australia and the United States.
Since its first investment in Scannable and joining the board, Hillfarrance had seen the growth of the business, the founders and the "massive groundswell of support" for the product from its target market, Hillfarrance managing partner Rob Vickery said.
"Scannable has hit upon a highly unique problem to solve that is not just affecting safety equipment users and purchases in New Zealand but all of the world," he said.
Scannable aimed to solve the work-at-height industry challenges of staying safe and compliant while managing safety equipment like helmets, harnesses, ropes, and carabiners.
Those were core items of equipment for work-at-height industries such as tree care, rope access, construction, telecommunications and renewable energy technicians.
Hillfarrance believed Scannable had the potential to become one of the rare start-ups that grew their business revenue streams globally from the "get-go".
Scannable’s long-term vision was to be the safety data "supply chain" platform that connects the various stakeholders of the safety equipment value chain. With a current focus on equipment owners and users, the company already had a reach of 5000 app downloads and 3000 accounts created.
Scannable was targeting the work-at-height market in Australia and New Zealand over the next two years. It was also fielding increasing inbound interest from the United States, United Kingdom, and Europe.
Scannable chief executive and co-founder Rob Stirling said 2022 had been an "amazing year".
"Having built a prototype software platform and closing our pre-seed raise in Dec 21, we started again, rebuilding from scratch. Since then we’ve built an end-to-end traceability platform for the height safety industry and launched our app for height safety technicians to make their safety checks easy.
"We know we’re only 10% into the value we can deliver, and we’re really pleased to have the continued support and conviction from our investors, alongside new investment from industry figures, backing Scannable and positioning us to tackle the next market verticals," he said.
The company was building its team in Queenstown and Wanaka and aimed to attract more talent to the region.
