MyPass Global secures AUD $7.5m to boost US expansion plans

MyPass Global has announced a AUD $7.5 million Series A funding round led by venture capital firm OneVentures.

MyPass is set to make use of the secured funds to expand its operations into the Americas and to speed up the development of its product offerings.

Established in Australia in 2013, MyPass's digital Skills Passport enables workers to manage their training and competency details effectively. This platform aims to decrease costs and risks associated with workforce compliance and credentialling, particularly in high-risk or complex industries such as mining, oil and gas, energy, construction, industrial manufacturing and healthcare.

Currently, the platform serves notable clients like BHP, Shell, Woodside and UGL. It is employed by over 1,300 companies to manage the credentials of more than 110,000 contractors around the globe. In the past year alone, MyPass integrated 350 new organisations into its system and validated over 246,000 documents.

The Americas are seen as a promising market for the MyPass platform, especially in sectors like mining, resources and energy. MyPass Founder and CEO, Matt Smith, expressed enthusiasm over the funding round and partnership with OneVentures.

"We are excited to be partnering with OneVentures, whose investment and expertise represents a strong endorsement of our product and growth strategy," he said.

He further explained the company's offering, "MyPass offers a unique solution to the growing challenges around workforce competency assurance. The portable, worker-friendly and digital Skills Passport gives workers the ability to control their own qualifications and credentials without compromising data privacy and security. Ours is the only platform that can connect workers, site owners, suppliers, training institutions and industry bodies with a single source of truth."

Smith also highlighted the importance of OneVentures' involvement, stating, "OneVentures' investment combined with its strategic, hands-on support will be pivotal as we scale the platform into the Americas. We look forward to collaborating with OneVentures' team in executing on our strategy and realising our vision to simplify workforce competency in key industries."

Research from Deloitte indicates that 66 per cent of organisations are ill-prepared for workforce management both in Australia and globally, due to stricter regulations, potential threats like fraud, data security issues and safety risks intensified by a growing reliance on contracted labour.

MyPass aims to address such challenges by reducing the productivity burden and risks associated with manual processes and older software, providing real-time validation and tracking of employee credentials.

Bevin Shields, a Partner at OneVentures, commented on the investment, "We have been greatly impressed by the MyPass platform and the confidence that some of the world's largest companies, many of them operating in extremely complex environments, have placed in the technology. MyPass has not only achieved financial scale through a large and rapidly growing customer base but is also demonstrating a strong growth rate while scaling in a capital-efficient manner. We are excited to be partnering with Matt and the MyPass team to support and accelerate their continued success."

MyPass is headquartered in Australia and operates in Chile, Canada, and the United States, with additional support functions based in the Philippines, India, and Colombia.