Yahoo Finance Intranet startup Staffbase raises $145M in growth round led by General Atlantic
Staffbase, which provides an intranet-style internal communications platform for companies, has raised a $145 million (€122 million) financing round led by General Atlantic, a growth equity firm. Existing investors Insight Partners and e.ventures also participated in the round.
Started in Chemnitz, Germany in 2014, Staffbase has managed to onboard more than 1,000 clients, including Adidas, Audi, BHP, Deutsche Post DHL, Groupon, Hitachi, Ikea, Johns Hopkins University, McKesson, Paulaner, Suncor, Viessmann and Volvo, among others.
In early March this year, the company merged with Bananatag, the Canadian provider of internal communications solutions.
The COVID-19 pandemic has of course accelerated the adoption of digital tools for companies, so Staffbase is reaping the benefits of that shift. The company's main competitors include Dynamic Signal (raised $114.8 million) and Social Chorus (raised $47 million). In the category of intranets, competitors include Simpplr (raised $29.1 million) and Unily (raised $68 million).
Staffbase claims its advantages are that it brings together mobile employee apps and intranets into one platform, as well as integrating with the Microsoft 365 ecosystem, as well as the messaging platform Slack.
Dr. Martin Böhringer, co-founder and CEO of Staffbase, said in a statement: “We provide managers and communications specialists at enterprise companies with the leading digital platform for successful employee communications – a platform that we are expanding very rapidly. The partnership with General Atlantic will further help us achieve this and accelerate our growth, especially in North America.”
Dr. Christian Figge, managing director at General Atlantic, said: “Staffbase is a global pioneer and has developed software that specifically addresses the employee experience, supporting enterprises in transforming internal communications and engagement… Staffbase is a prime example of the quality of entrepreneurship and range of innovative companies with global ambitions emerging out of Germany.”
Staffbase has a workforce of 450 employees throughout 11 locations, including offices in London, New York, Vancouver, Amsterdam and Berlin.
