LumApps, the French company developing an intranet SaaS for enterprise, has secured a $70 million Series C round, bringing the company’s total fundraising to $100 million. The round was led by Goldman Sachs with participation from Bpifrance, through its Growth Fund Large Venture, alongside Idinvest Partners, Iris Capital, and Famille C.
Founded in Paris in 2013, the startup initially built a “social intranet,” designed to connect, inform, and engage employees across an enterprise organisation.
“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.
Hundreds of global companies are on board, including Airbus, Intuit, Electronic Arts, Colgate-Palmolive, Motorola, Logitech, Valeo, Japan Airlines, and Google Cloud. In the last year, Front surpassed 100 percent year-on-year revenue growth.
Now, with the fresh funding, the French company wants to invest in artificial intelligence and machine learning to enrich and build on top of its existing product, broadening the scope of its integrations and add-ons.
The new investment will also grow the team, as Front plans to hire over 150 employees in 2020, particularly in sales and marketing. The business plans to enter new markets like Canada, Germany, and Asia Pacific, and will consider potential acquisitions along the way.
“LumApps has it all: exceptional technology, visionary leadership and an impressive customer roster across industries and regions,” said Christian Resch, Managing Director of 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.”