Copenhagen-based EasyTranslate, a translation management software that claims to provide efficient and customised solutions for language-related needs, announced that it has raised €2.75M in a fresh round of funding.
The investment came from Amsterdam-based Pride Capital Partners. EasyTranslate’s current investors also participated in the round.
The startup says it will use the funds to add an AI-generated content capability to its translation and content software.
Strategic partnership with Pride Capital Partners
Pride Capital Partners backs growing companies in the software and IT sector. It helps businesses achieve their growth goals by offering flexible capital. Typical scenarios include growth, acquisitions, and management buyout (MBO) deals.
With over 20 years of experience in the software and IT industry, Pride Capital Partners says it will work with EasyTranslate with an aim to make the company the top European platform for localisation software.
Managing Partner Lars van ‘t Hoenderdaal says, “EasyTranslate has successfully started its transition from being a translation service to a software company. This transition enhanced the scalability of the company. We look forward to further assisting management in growing as a software company.”
“The strong product, impressive management team, international client base and client-centric approach of EasyTranslate make the company well-positioned for the next growth phase. We are excited that EasyTranslate marks our first investment in the Nordics,” adds Hoenderdaal.
With this investment, Pride Capital Partners will also open their Nordic office in Copenhagen in July 2023.
Everything a traditional translation agency offers, but for free
Founded in 2010 by Peter Ladegaard and Frederik Riskær Pedersen, EasyTranslate combines translation management software with a marketplace for freelance translators, which will eventually include copywriters.
With this setup, the company provides its clients with a hybrid solution that combines scalable translation management software with high-quality translation services.
EasyTranslate claims to have witnessed significant growth in the past year, leading to an over 250 per cent YoY increase in Annual Recurring Revenue.
The company serves clients in more than 20 nations on three continents and employs more than 600 freelance translators on a monthly basis.
Capital utilisation
The investment comes at a time when the company launched its integration with OpenAI, which offers automated content and translation services. With the funding, new features can be developed further and accelerate EasyTranslate’s organic growth.
In addition, the strategic partnership with Pride Capital Partners will also help EasyTranslate to make strategic acquisitions to increase its market share.
Co-founder Frederik Riskær Pedersen says, “This investment will allow us to invest more in our software solution and ChatGPT integrations, enabling us to create even more advanced solutions for automating content flows and translations for companies. All with the aim of improving customer experience.”
