Goldman leads LumApps $70m Series C funding

LumApps, a software-as-a-service (SaaS) enterprise communications firm, has secured $70 million in Series C funding in a round led by Goldman Sachs.

Goldman Sachs Growth led the $70m round

Based in Paris, LumApps is a platform designed to enhance internal communications at commercial companies. The SaaS firm has raised a total of $102 million to date.

It plans to use the $70 million to invest in research and development around artificial intelligence and machine learning, as well as improve product development.

The firm also aims to hire 150 more people in 2020, and look into the possibility of mergers and acquisitions.

Related: Mortgage broker Trussle raises £7.5m in Series C funding round

“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,” says Sébastien Ricard, CEO 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.”

Christian Resch, managing director for Goldman Sachs Growth, says that LumApps has “exceptional technology, visionary leadership and an impressive roster of customers across industries and regions.”

Other recipients of Goldman Sachs Growth funding this year include mortgage firm Trussle and supply chain company Tradeshift.