€10m growth capital investment for Ringover
Ringover (www.ringover.com) is the first investment from Expedition Growth Capital Fund I – a software specialist growth equity fund for founders who have patiently built world class products in rapidly growing categories of business software.
Jean-Samuel Najnudel and Renaud Charvet established Ringover in Paris in 2015, financing its development and growth with the profits of a group of companies they founded in 2005. In December 2020 they decided to bring on their first outside investor, raising €10m from Expedition Growth Capital.
Like most of the founders that Expedition is focused on partnering with, Jean-Samuel and Renaud found themselves with a use rather than a need for capital. They had patiently built their Unified Communications as a Service (“UCaaS”) platform, with its particularly strong Contact Centre as a Service (“CCaaS”) capabilities for SME’s, away from the pressures of venture capital- financing its development and growth with the cashflows of other profitable business telephony services they had taken to market over the years.
With the continued adoption of CRM and customer support software across companies of all sizes and industries, Ringover recognised the need for agents and managers alike to streamline their calling and customer contact workflows, and improve the transparency, capture and reporting on customer interactions. By seemlessly integrating with leading CRM and customer support software platforms, Ringover’s software layer provides significant value to customer contact teams and their managers, whether working in an office, home or hybrid environment. Further, by owning and managing the infrastructure over which the service is delivered, Ringover is able to deliver superior reliability and quality of calling, in a sector that is plagued by poor performance due to reliance on third party infrastructure.
Expedition identified Ringover whilst looking for companies that were innovatively addressing the corporate imperative to invest in customer experience management. Jean-Samuel and Renaud had received interest from strategic acquirers, but instead sought a like-minded financial partner to capitalise on the growing opportunity for their offering. With demand strengthening in key European markets such as the UK and Spain; evidence emerging of compelling opportunity in the US; and growing traction from larger corporate customers and channel partners in France, the team wanted an international partner with proven experience of helping founders navigate the strategic opportunities they faced.
After completing the investment in December 2020, the Ringover team wasted no time in executing their ambitious plan, appointing an experienced CFO; accelerating their product road map; and onboarding a number of sales and marketing leaders in target markets. The founders have also worked with Expedition to augment their board of directors, and to establish a operating advisory panel that provides a highly experienced, functionally specific sounding board for the founders whenever they need it.