"Social intranet" LumApps raises $70m in Series C funding

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LumApps, the SaaS provider of cloud-based enterprise communication solutions, has closed a $70 million Series C funding round.

Goldman Sachs Growth led the round, with participation from Bpifrance via its Growth Fund Large Venture, as well as the likes of Idinvest Partners, Iris Capital and Famille C.

The total raised by the start-up - which was founded in Paris in 2012 and has expanded to offices in London, Lyon, New York, Austin, San Francisco and Tokyo - is now around $100m.

LumApps has developed what it calls a "social intranet", a social and collaborative intranet platform designed to connect, inform and engage employees. It integrates with other enterprise software such as G Suite, Microsoft Office 365 and Microsoft SharePoint.

Its main aim is to help companies streamline internal communication, and customers include Airbus, Veolia, Valeo, Air Liquide and EA.

The fundraising will enable LumApps to invest in R&D, with a particular focus on AI and machine learning, develop products and grow its sales and marketing division. It is hoping to hire another 150 staff this year.

"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 and founder 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.”

The company said it has grown by 100% in the past 12 months.

Pictured: CEO Sébastien Ricard (left) with CTO Elie Mélois