Cloud-based SaaS provider LumApps raises $70M in Series C round

LumApps, a Software-as-a-Service provider of cloud-based enterprise communication solutions, 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. 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."

SOURCE LumApps