Communication Solutions Provider LumApps Raises $70 Million in Series C Funding
One of the leading Enterprise SaaS providers of cloud-based communication solutions, LumApps recently announced their $70 million Series C funding round led by investor Goldman Sachs. Additional participation from Bpifrance, through its Growth Fund Large Venture, alongside Idinvest Partners, Iris Capital, and Famille C (Courtin-Clarins’ family office), helped the company bring its total amount raised till date to $100 million.
The social and collaborative intranet platform that connects, informs, and engages employees, LumApps helps firms streamline internal communication. It powers platforms for numerous distinguished enterprises across the globe including the likes of Airbus, Electronics Arts, Google Cloud, Colgate-Palmolive, Intuit, Japan Airlines, etc.
2019 was a phenomenal year for the company wherein it recorded exponential growth and achieved several milestones such as 100% YoY revenue growth, the launch of Social Advocacy Solution, ISO 27001 certification, and a lot more. The latest round of funding will help LumApps to accelerate product innovation and invest in sales & marketing endeavors in order to meet global demands in 2020 and beyond.
The company plans to invest the funding received in the following key areas:
- R&D with special focus on AI and ML
- Product development to broaden the scope of add-ons and enhance customer experience
- Expanding into multiple new geographies including Canada, Germany, and APAC
- Strategic hiring of around 150 employees in the year 2020
- Mergers and acquisitions
Sébastien Ricard, CEO of LumApps said that centralizing communications, workflows, and applications is crucial for organizations and seeing customers reach that level of productivity because of LumApps solutions is highly gratifying!
“LumApps has exceptional technology, visionary leadership, and an impressive roster of customers across industries and regions. LumApps is a great fit with Goldman Sachs Growth’s strategy of supporting best-in-class technology entrepreneurs with their ambition to build global category leaders in large markets. We are very excited to partner with Sebastien and his team, and we will make our global platform available to support LumApps’ expansion plans”
– Christian Resch, Managing Director Goldman Sachs Growths