LumApps Raises $70 Million in Series C Funding led by Goldman Sachs
Financing round underscores platform's impact on helping companies accelerate workforce productivity by centralizing employee communications, workflows, and applications.
NEW YORK, Jan. 22, 2020 /PRNewswire/ -- LumApps, a leading Software-as-a-Service provider of cloud-based enterprise communication solutions, today announced a $70 million Series C funding round, bringing the company's total amount raised to around $100 million. New investor Goldman Sachs Growth led the round with participation from Bpifrance, through its Growth Fund Large Venture, alongside Idinvest Partners, Iris Capital, and Famille C (Courtin-Clarins' family office).
LumApps is a social and collaborative intranet platform designed to connect, inform, and engage employees. This innovative digital workplace equips organizations to break down silos and streamline internal communication. Built upon its Social Intranet, LumApps Employee Social Advocacy enables quick and easy social sharing.
The new fundraising will enable LumApps to accelerate its investment in the following key areas:
- R&D investment with a particular focus on Artificial Intelligence and Machine Learning;
- Product development to further enhance the customer experience, broadening the set of Development Integrations and Add-Ons;
- Growing the Sales and Marketing organization to enter additional geographies like Canada, Asia Pacific, and Germany;
- Hiring more than 150 employees in 2020;
- Potential M&A.
"It's crucial for companies today to connect and engage all of their employees, and that can only happen when they have a way to centralize all communications, workflows, and applications," said Sébastien Ricard, CEO of LumApps. "It's incredibly gratifying to play a part in seeing our customers unleash such levels of productivity, and this investment represents our commitment to their success. We are tremendously grateful to our customers and, of course, my co-founders and team for making this all possible. We look forward to another year of exceptional growth."
LumApps powers platforms for hundreds of the most prominent enterprise companies in the world including Airbus, Intuit, Electronic Arts, Colgate-Palmolive, Motorola, Valeo, Japan Airlines, and Google Cloud. The new financing will fuel the next phase in LumApps's growth, including accelerating product innovation and investing in sales and marketing to meet global demand for the company's digital workplace suite.
"LumApps has exceptional technology, visionary leadership, and an impressive roster of customers across industries and regions," said Christian Resch, Managing Director Goldman Sachs Growth. "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."
Today's announcement comes on the heels of a momentous year for LumApps. In the past 12 months, the company has accomplished tremendous growth and hit numerous milestones:
- More than 100% YoY revenue growth
- ISO 27001 certification
- Launch of Social Advocacy Solution
- Build and Launched Microsoft Integration & Partnership
- Creation of LumApps KK in Japan
About LumApps
LumApps is the leading enterprise social intranet SaaS platform designed to connect, inform, and engage employees. LumApps digital workplace software helps organizations break down communication silos to build stronger, more collaborative relationships between individual employees and departments. LumApps integrates seamlessly with today's most popular productivity suites, including G Suite and Office 365, to centralize access to all corporate content, business applications, and social features under a single platform. With seven offices worldwide — Lyon, Paris, London, New York, Austin, San Francisco, and Tokyo — LumApps serves some of the world's most prominent companies, including Airbus, Veolia, Valeo, Air Liquide, Colgate-Palmolive, The Economist, Schibsted, EA, Toto, and Japan Airlines.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, growth equity, infrastructure, private debt, and real estate.
SOURCE LumApps
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