Staffbase Reaches Unicorn Status with $115M Raise at $1.1B Valuation

News March 25, 2022

Posted by Sara Scott

Staffbase Reaches Unicorn Status with $115M Raise at $1.1B Valuation Featured Image

A note from Accelerate Okanagan:

Bananatag (now Staffbase) has been successfully scaling their business since their inception in 2012. They are an anchor of the #OKGNtech community and have participated in numerous Accelerate Okanagan programs. Just over a year ago, we celebrated their merger with Germany’s Staffbase and now we get to cheer them on once more as they reach unicorn status! 

We are so proud of Corey Wagner and the team. While we are thrilled, we are not surprised by this achievement. Corey predicted this news in an interview for Beyond the Startline in 2019. Even back then, he saw the potential his business could have; “We are planning three years into the future and realizing, ‘Wow, we actually have a business that could be a billion-dollar company.’”

Congratulations on reaching this impressive milestone Staffbase! We can’t want to see what you will do next. 

Scroll to read the press release. 

It’s surreal to think that only a few years ago, we were a relatively small Kelowna & Vancouver based team. Today, we’re a unicorn and our team’s global. I couldn’t be more excited about what that means for the future for our employees, our customers, and our communities.

Corey Wagner

Managing Director, North America, Staffbase

Staffbase, a leading provider of employee communications management solutions, today announced a $115M (€106M) Series E financing round led by General Atlantic, a leading global growth equity firm. Staffbase will leverage the new funds to help scale internationally and strengthen its global leadership in the internal communications space. Existing investor Insight Partners also participated in the round.

Based in Chemnitz, Germany, Staffbase provides enterprise customers with a comprehensive employee communications platform that enables them to connect with their employees seamlessly. Staffbase solutions are currently improving employee communications for over 2,000 enterprises worldwide, impacting the work experiences of over 13 million employees. With the new funds, the company plans to further invest in expanding its platform, working to complete its full integration of all solutions with Microsoft 365®, as well as further accelerate growth at a time of increased market demand for employee communications solutions.

Dr. Martin Böhringer, Co-Founder and CEO of Staffbase, said, “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 organization 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.”

Achim Berg, Operating Partner at General Atlantic, said, “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 organizations worldwide.”

Staffbase’s Series E funding round follows the company’s $145 million (€122 million) Series D led by General Atlantic in March 2021. Staffbase also merged with Canada-based Bananatag, a leading provider of email based internal communications solutions, in March 2021. In November 2021, the company acquired Valo Solutions, a leading provider of intranet and workplace solutions for Microsoft 365, SharePoint, and Microsoft Teams. Staffbase currently has nearly 600 employees across 14 global offices.

In ongoing support of elevating an industry with an ever-increasing need for specialized training, the company also plans to invest approximately $54 million (€50 million) in 2022 to establish various initiatives including an academy dedicated to the ongoing development of skills for internal communications professionals. Other community support programs include Staffbase’s award-winning Internal Communications Masterclass series and the company’s annual conference series VOICES.

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