Ringover, a cloud-based communications provider, has raised 10 million euros in Series A funding. The investor was Expedition Growth Capital.
Paris, 26 January 2021: Cloud-based communications provider Ringover has raised €10m (£9m) in Series A funding to power the future of enterprise communication. Expedition Growth Capital was the sole investor. This is the first time the company has raised venture funding.
The SaaS software publisher and European telecom operator was established in Paris in 2005 by Chairman Jean-Samuel Najnudel and CEO Renaud Charvet with a goal to develop user-friendly communication solutions for professional teams. In 2018, after three years of development, Ringover transformed the business phone system from a limited tool into an easy-to-use software product, accessible from anywhere, at any time, without the need for specialist support. 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. Customers include European tech recruitment platform talent.io, digital marketing platform Sendinblue, and freelancer marketplace Malt.
Ringover’s expertise originated in phone calls however the company recently added video calling and instant messaging to the platform to help teams simplify their communication solutions. Through real-time supervision and an intuitive interface, Ringover lets companies streamline workflows as well as take control of their professional communications no matter where staff are located. The integrated VoIP, video, chat and SMS communications solution has revolutionised the way businesses operate their sales and call centre functions thanks to the advanced analytics and productivity tools, as well as integrations with CRM software such as Salesforce, Zendesk and Microsoft Dynamics.
This new funding will allow the company to forge ahead with expansion at an exciting moment when the European cloud-based contact centre market is expected to grow in value from $1.5 billion in 2019 to $7.1 billion by 2024. Ringover is keen to roll out new innovative features to the platform, grow the team by 100 people, as well as expand its reach in countries such as Spain, the US and the UK, as the company doesn’t foresee any limitations to growth and expansion despite Brexit and plans to open an office in the UK in 2021. With remote customer interactions the new norm, the ability to onboard customers and carry out after-sales support via video conferencing, all seamlessly integrated with cloud CRM systems, and is becoming a crucial factor for businesses choosing the product.
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.”
Ringover Group has been a SaaS software publisher and European telephone operator since 2005. A true expert in telecoms for companies, since early 2018 it has been offering Ringover, a voice-video-chat-SMS-call center communication solution, 100% cloud and adopted by over 10,000 businesses. www.ringover.com
About Expedition Growth Capital:
Expedition Growth Capital is a software specialist growth equity firm. Expedition focuses on €10m – €25m minority equity investments in rapidly growing, founder-owned software businesses across Europe. Expedition is typically the first outside investor into companies that have built world class products; and strong, growing market positions, in valuable categories of business software. Expedition is a supportive, experienced partner for ambitious European founders who have historically chosen to build their businesses away from the pressures of venture capital. www.expedition.capital.