Cloud technology has taken over the communication market by storm due to various benefits including, multi-platform unification, mobility & remote connectivity, network redundancy, and more. As more businesses transition to the cloud, there is an increasing wave of investments in cloud computing startups so far.
Raises £9 million funding
Recently, Expedition Growth Capital, the UK-based growth equity, has invested €10 million (approx £9 million) in a cloud-based communications provider from Paris — Ringover.
Expedition Growth Capital is a software specialist growth equity firm. The VC focuses on €10 million (approx £8.8 million) – €25 million (approx £22.2 million) minority equity investments in rapidly growing, founder-owned software businesses across Europe.
The funding will be used to roll out new innovative features to the platform, expand Ringover’s team to 100 people as well as its reach in countries such as Spain, the US, and the UK.
Cloud-based communications provider
Based out of Paris, Ringover offers a voice-video-chat-SMS-call center communication solution for businesses. As per the company, it has been adopted by over 10,000 businesses that integrate with top CRM and Helpdesk tools to boost productivity.
The French SaaS company was established in 2005 by Chairman Jean-Samuel Najnudel and CEO Renaud Charvet to develop user-friendly communication solutions for professional teams.
Even though Ringover’s expertise originated in phone calls, the company recently added video calling and instant messaging to the platform to help teams simplify their communication solutions.
Added tech tools to streamline workflow
Thanks to the latest tech tools — real-time supervision and an intuitive interface, the startup offers companies to streamline workflows, as well as, take control of their professional communications regardless of the location.
The product has become the communication tool of choice for European SMEs, with more than 250 million minutes passing through Ringover’s telecoms equipment annually.
The SaaS company operates with clients including, European tech recruitment platform talent.io, digital marketing platform Sendinblue, and freelancer marketplace Malt.
Renaud Charvet, Ringover CEO, and co-founder said: “Ringover’s mission is to become a major player in enterprise communications through providing its all-in-one communications solution to SMEs around the world. The past year has demonstrated the need for scalable solutions, accessible anytime and anywhere, which are integrated with business tools to boost productivity. We look forward to working with Expedition Growth Capital to bring Ringover’s tech to more SMEs around the world to assist them in running their businesses in the most efficient way possible.”
Jean-Samuel Najnudel, Ringover Chairman and co-founder said: “The quality of business communications is increasingly important for enterprises of all sizes. Ringover owns all its infrastructure and all data is hosted in Europe at three data centres while the network is managed internally. This means businesses can focus on their day-to-day operations, whilst benefiting from a high-quality service, and safe in the knowledge that their information is being held securely.”
Oliver Thomas, founder and Managing Partner at Expedition Growth Capital will join Ringover’s board of directors. Oliver commented: “This is the first investment from Expedition I, a software specialist growth equity fund, dedicated to partnering with founders like Jean-Samuel and Renaud, who have patiently built world-class products in rapidly growing categories of business software. We have been impressed by the value customers derive from the Ringover platform, and by its increasing adoption by larger companies. We are delighted that the Ringover team has chosen Expedition as their first outside investor and look forward to supporting their continued success.”