French cloud comms provider secures €10m series A boost
26 January 2021 | Melanie Mingas
French cloud communications provider, Ringover, has raised €10 million in its series A funding round from a single investor, Expedition Growth Capital.
The investment will be used to fund the development of new features on the platform and support a 100-person recruitment drive. Further, Oliver Thomas, founder and managing partner at Expedition Growth Capital will join Ringover’s board of directors.
Renaud Charvet (pictured right), 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," Charvet added.
Expedition Growth Capital, is a growth equity firm specialising in software. It focuses on €10 million to €25 million minority equity investments in "rapidly growing, founder-owned software businesses" across Europe.
Established in Paris in 2005 by Charvet and chairman Jean-Samuel Najnudel, Ringover is a SaaS software publisher and European telecom operator with a goal to develop "user-friendly communication solutions for professional teams".
The customer base has grown to more than 10,000 businesses and Ringover has clocked up more than 250 million minutes passing through its telecoms equipment annually. Building on it voice services the company recently added video calling and instant messaging to the platform "to help teams simplify their communication solutions".
Reporting that it "doesn’t foresee any limitations to growth and expansion despite Brexit", Plans are underway to open a Ringover office in the UK in 2021. This will be supported by expansions into other new markets, including Spain and the US, and the firm plans to hire an additional 100 people.
Najnudel commented: “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.”
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