Employee engagement firm Staffbase becomes Germany’s latest unicorn; secures €106M in Series E round

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Chemnitz, Germany-based employee engagement firm, Staffbase, announced on Tuesday that it has raised $115M (approx €106M) in Series E round of funding led by General Atlantic. 

Existing investors, including Insight Partners, also participated in the round. The Series E round brings Staffbase’s valuation to $1.1B, thereby earning the status of a ‘unicorn’. The funding announcement comes after the company’s $145M (approx €122M) Series D led by General Atlantic in March, 2021. 

Fund utilisation

Staffbase plans to invest in expanding its platform, accelerate growth, and complete the full integration of its solutions with Microsoft 365. 

Dr. Martin Böhringer, co-founder and CEO of Staffbase, says, “We founded this company in 2014 believing that internal communications deserve purpose-built solutions. Whether employees are frontline or work behind a desk, the last two years have shown that clear and authentic communication that reaches all employees across an organisation has become mission-critical. We thank our investors for their continued support of our mission and values as we continue to drive innovation in employee communications solutions.” 

The company also plans to invest approximately $54M (€50M) in 2022 to establish various initiatives, including an academy dedicated to the ongoing development of skills for internal communications professionals. 

Staffbase: What you need to know

Founded in 2014 by Frank Wolf, Lutz Gerlach and Martin Bohringer, Staffbase provides enterprise customers with an employee communications platform that enables them to connect with their employees easily. 

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Staffbase claims that its products are used by over 13 million people across more than 2,000 organisations. A few of its clients include giants such as Adidas, Audi, Vestas, Spark Power, Paulaner, UC Health, Hitachi, Ikea, and US LBM, among others. 

With headquarters in Chemnitz, Germany, the company also has offices in Amsterdam, Berlin, Calgary, Cologne, Dresden, Helsinki, Kelowna, London, Melbourne, Montreal, Munich, New York City, and Vancouver.

Previous development

In March, 2021, the company merged with Bananatag, a Canada-based provider of internal communications solutions. The combined company provides internal communications software. 

In November, 2021, the company acquired Valo Solutions, a leading provider of intranet and workplace solutions for Microsoft 365, SharePoint, and Microsoft Teams. 

Investor

General Atlantic is a global growth equity firm with more than four decades of experience providing capital and strategic support for over 445 growth companies throughout its history. 

The VC currently has over $84B in assets under management and more than 215 investment professionals. 

Achim Berg, Operating Partner at General Atlantic, says, “Staffbase’s significant growth demonstrates the global resonance of its mission to enable deeper engagement between enterprises and their employees. As the world continues to adapt to new modalities of working, and as enterprise workforces become increasingly international, connectivity and communication will become more valuable than ever before. We are proud to back Martin and the Staffbase team as they develop solutions that have a positive impact on organisations worldwide.”

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