LumApps raises $70m in series C funding led by Goldman Sachs
Financing round underscores the platform’s impact on helping companies accelerate workforce productivity by centralizing employee communications, workflows, and applications.
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 led the round with participation from Bpifrance, through its Growth Fund Large Venture, alongside Idinvest Partners, Iris Capital, and Famille C.
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 our 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 while entering into additional international 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 hundreds of the most prominent enterprise companies in the world including Airbus, Intuit, Electronic Arts, Colgate-Palmolive, Motorola, Logitech, 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 it all: Exceptional technology, visionary leadership and an impressive customer roster across industries and regions,” said Christian Resch, Managing Director Goldman Sachs Growth. “LumApps is a great fit with Goldman Sachs’ 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 will make our global platform available to support the 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 including:
- More than 100% YoY revenue growth
- ISO 27001 certification
- Launch of Social Advocacy solution
- Microsoft Integration and Partnership
- Creation of LumApps Kabushiki Kaisha (KK) in Japan