Internal communications platform Staffbase announced earlier this week that it has raised 122 million euros (US$145 million) in a Series D growth round led by global growth equity firm General Atlantic and with contributions from existing investors Insight Partners and e.ventures. This is over six times the amount raised in its Series C round in 2019, and brings the startup's total funds raised to approximately US$200 million.
The fresh funding will be used to further drive its growth in the North America market, according to co-founder and CEO Dr Martin Böhringer. Staffbase grew significantly over the last year and merged with Canadian-based Bananatag earlier this month, creating the largest internal communications company in the world. Its growth, and the jump in funding between the Series C and D rounds, might be attributed to the impact of the pandemic, which saw demand for internal communications solutions shoot up.
Staffbase was founded in 2014 by Frank Wolf, Dr Lutz Gerlach, and Dr Martin Böhringer, with the objective of connecting all employee communications channels, including Intranets, messaging, and newsletters, within a single platform. The company subsequently expanded to the US, UK, and around Europe, and currently has a global workforce of 450 employees across 11 locations.
Dr. Christian Figge, Managing Director at General Atlantic, described Staffbase's platform as specifically developed to address employee experience. He said: “Staffbase is a prime example of the quality of entrepreneurship and range of innovative companies with global ambitions emerging out of Germany.”