Software-as-a-service (SaaS) provider LumApps has raised $70m in a Series C funding round led by Goldman Sachs.
The new founding brings the company’s total amount raised to around $100m. New investor Goldman Sachs Growth led the round with participation from Bpifrance, Idinvest Partners, Iris Capital and Famille C.
Sébastien Ricard, CEO of LumApps, said: “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 centralise 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.”
The new fundraising
LumApps will use the fundraising to accelerate its investment in the following 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 to enter additional geographies like Canada, Asia Pacific, and Germany;
- Hiring more than 150 employees in 2020;
- Potential M&A.
Christian Resch, managing director, Goldman Sachs Growth, said: “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. We will make our global platform available to support LumApps’ expansion plans.”
LumApps powers platforms for enterprise companies including Airbus, Intuit, Electronic Arts, Colgate-Palmolive, Motorola, Logitech, Valeo, Japan Airlines and Google Cloud.
The new finance aims to fuel LumApp’s growth and accelerate product innovation.