Software as a Service (SaaS) developer, Ringover, has announced the completion of a €20 million financing round.
The round led by Orange Ventures and Bpifrance’s Large Venture and accompanied by historical investor Expedition Growth Capital. This new round of funding will enable Ringover to significantly step up its investment in research and development, particularly in the field of artificial intelligence (AI), and accelerate its international growth.
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 €30 million in 2023.
“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,” explained Oliver Thomas, Managing Partner at Expedition.
“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,” added David Olsson, Principal of Expedition, who will join the board of directors as part of this investment.
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. Its ambitions include:
- Creating an unrivalled suite of SaaS tools to meet the full range of customer service and sales challenges. After focusing on sales prospecting challenges, creating two new tools at the beginning of the year, Ringover is currently working on new customer service-oriented products to round out its offering.
- Democratising the use of AI in the day-to-day operations of sales and customer service divisions, paving the way for a true revolution in their working methods. By enabling them to focus on high-value tasks, artificial intelligence becomes an invaluable daily co-pilot.
- Consolidating quality of service with a range of advanced functions and integrations. Communication is no longer limited to traditional telephone conversations, as usage patterns evolve and communication channels multiply. Ringover aims to support companies in this transformation by providing one comprehensive tool that focuses on team performance and supervision. With integration capabilities already extended to more than 70 business tools, Ringover expects to double this figure in 2023.
- Fully commit to global expansion by further establishing the infrastructures and teams in the UK, US and Spain, while leveraging existing and future partnerships.
“Knowing sales performance and customer relations are undergoing major transformations, our priority is to remain attuned to our customers’ expectations,” said Renaud Charvet, CEO and co-founder of Ringover. “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.”
Bolstered by this 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.
“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,” said Clément Combal, Partner at Orange Ventures.
The dynamic software innovator, already established in Spain and the UK, has made the strategic decision to establish roots in Atlanta to fulfil its international growth objectives. Under the guidance of CEO and co-founder Renaud Charvet, this new office will serve as a launching pad for Ringover’s significant expansion efforts across the Atlantic, unlocking exciting new opportunities.
“We are delighted to be supporting Ringover, a high-potential technology company, in its product launches and international expansion. Thanks to sound management and the unwavering commitment of its directors, this scale-up is well on the way to becoming a key player in the contact centre software market,” said Caroline Lebel, Investment Director at Bpifrance.