Cloud communications firm, Ringover, has completed a £17m (€20m) financing round.
The round was led by Orange Ventures and Bpifrance’s Large Venture and accompanied by historical investor Expedition Growth Capital.
The new round of funding will enable the SaaS developer to significantly step up its investment in research and development, particularly in the field of artificial intelligence (AI), and accelerate its international growth.
Ringover’s founders are French but it launched in London in 2021 and works with 350 clients across the UK, including Venquis Recruitment and Appetite4Work, as well as global companies like AXA and Best Western.
The company currently employs seven people in its London office but plans to use the latest round of investment to expand on its brand recognition and presence in the UK.
A year later the company opened in the US and they also have an office in Barcelona.
Renaud Charvet, CEO and co-founder of Ringover, said: “Knowing sales performance and customer relations are undergoing major transformations, our priority is to remain attuned to our customers’ expectations.
“With this round of funding, we’re accelerating development while remaining true to our fundamental goal — to offer a powerful suite of customer relations tools, focused on team performance and enhanced by AI.”
Since 2018, Ringover’s mission has been to support corporate customer relations across all communication channels. With its revenue multiplying by eight in three years, and a successful first funding round of €10 million in 2021, Ringover now welcomes two new investors.
Bpifrance’s Large Venture and Orange Ventures are both deeply rooted in tech culture and renowned for their support of global industry leaders. This funding brings Ringover’s total investment to over €30m in 2023.
Oliver Thomas, managing partner at Expedition, said: “We are thrilled to continue our partnership with Ringover and to be investing alongside BPI and Orange Ventures in this next phase of growth.
“Ringover’s growth and execution since we invested two years ago has been impressive, quadrupling annual recurring revenue and significantly broadening its product suite.”
David Olsson, principal of Expedition, who will join the board of directors as part of this investment, said: “Ringover has the technical and market expertise to become one of the world’s leading productivity suites for sales and customer care teams in small and mid-sized businesses worldwide.”
This is a pure equity investment, with no debt or subsidies, to enable Ringover to extend its technological DNA worldwide with a demanding and transparent roadmap.
Bolstered by the latest round of funding, Ringover’s dedicated team of nearly 300 employees remain committed to continue developing cutting-edge products that cater to their customers’ needs in corporate communications, customer relations, and sales prospecting.
To accomplish this, the company is actively recruiting new talent across all divisions, with a third of the workforce focused on research and development.
These efforts aim to create streamlined technologies infused with AI and machine learning, following the successful launch of Cadence and Empower in the first quarter of 2023. This spirit of innovation has established Ringover as a trusted partner in customer relations for its 10,000 corporate customers worldwide.
Clément Combal, partner at Orange Ventures, said: “We are very pleased to announce our investment in Ringover, an innovative company offering a complete, multi-channel solution for enriching customer relations.
“Orange Ventures aims to support talented teams and is delighted to enter into a partnership with a company that places growth and innovation at the heart of its strategy. This investment will enable Ringover to benefit from the Orange Group’s technological expertise in telecoms and its knowledge of the B2B market in France and abroad.” s