LumApps Collects $70 Million in Series C Funding Round
Taking pride in being one of the best enterprise-grade cloud-based social intranet platforms, LumApps has announced that it has pooled in a whopping amount of $70 Million through Series C funding round. The funding event was led by renowned global investment banking, securities, and management firms, Goldman Sachs Growth. Other leading entities that took part in the funding round, including Growth Fund Large Venture- the brainchild of Bpifrance, Idinvest Partners, Iris Capital, and Famille C. The firm has raised $100 Million in totality.
According to the latest reports, the funds collected through the funding will help LumApps to strengthen its core operational areas. The firm aims to invest the funds in:
- Expanding the employees’ network by recruiting more than 150 talented personnel in 2020
- A special focus in leveraging the expertise of artificial intelligence and machine learning through investment in R&D.
- Improving and developing the products range with a view to enhancing customer experience
- Expanding the network to the untrodden geographical boundaries like Canada, Asia Pacific, and Germany
“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. 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,” quoted LumApps CEO, Sébastien Ricard.
LumApps has gained a lot of popularity by offering an efficient, secure, and transparent interface that aids business organizations to break traditional standards while establishing seamless internal management communication. LumApps Employee Social Advocacy, the social intranet of the firm fosters organizations to enjoy streamlined and quick social sharing. LumApps boasts of a suite of elite client firms hailing from different parts of the world including Motorola, Logitech, Japan Airlines, Google Cloud, Intuit, Airbus, etc. Since its inception, LumApps has expanded and developed its network in heaps and bounds. The platform recorded over 100% YoY revenue growth, expanded operations in Japan by the creation of LumApps KK, and built and launched Microsoft Integration and Partnership.
“LumApps has exceptional technology, visionary leadership, and an impressive roster of customers across industries and regions. 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,” stated Christian Resch, the Managing Director of Goldman Sachs Growth.