France’s smart intranet SaaS for enterprise, LumApps, has raised $70 million in its Series C funding round led by New York’s financial services, Goldman Sachs Growth. Idinvest Partners, Bpifrance, Iris Capital, and Famille C also participated in this funding.
LumApps has raised a total of $100 million including this latest funding and it wishes to invest in R&D focusing especially on AI and ML to its workplace. It also wants to develop new product integrations with the expansion of sales and marketing in new regions such as Asia Pacific, Germany, and Canada by hiring almost 150 employees.
Founded in 2012, LumApps is a SaaS platform where a social intranet is used to connect the employees in a central hub. To create the best digital workplace, it opens enterprise communications with a social and corporate intranet. It is integrated with suits like Microsoft Office 365 and Google G Suite. It provides a single access point to all enterprise resources like work applications, social communities, and personalized content altogether at one space.
LumApps works with all sizes of organizations and sectors. Airbus, Toto, Air Liquide, Japan Airlines, Colgate-Palmolive, Logitech, Veolia, The Economist, Schibsted, EA, and Valeo are among its customers. The firm claims that it has achieved revenue growth of 100% every year. In 2019, it doubled the revenue, and the present headcount is nearly 200. Currently, it has seven offices in Paris, Austin, London, Lyon, New York, San Francisco, and Tokyo, and it is planning to expand it even further.
On this occasion, LumApps founder Sébastien Ricard said, LumApps is growing fast, and it is looking forward to widening in different areas to increase the business opportunities. Retails and manufacturing are its interest areas, whereas business functions like HR, communication, and marketing to flourish.
Ricard further stated LumApps might also use its Series C funds for Mergers and acquisitions activity. As of now, LumApps have no concrete plans for the acquisition of any firm, but it is keeping the doors open to welcome best-in-breed technologies, which would be helpful from the business perspective.
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