Press Release: EasyTranslate Raises €3M+ and Partners Up With Pride Capital Partners
EasyTranslate has closed a EUR 3+ million funding round led by the Dutch investor Pride Capital Partners. The funding adds financial muscle to an ambitious launch of an AI-generative content feature for their translation and content software. EasyTranslate and Pride Capital Partners will collaborate to build on the leading European platform for localization software.
Danish company EasyTranslate, founded in 2010, has received over 3M EUR investment led by the Dutch Software & IT investor Pride Capital Partners. The funding coincides with the launch of an innovative integration of OpenAI that provides automated content and translation services. The new funds create room for further development of the new functionality and add to the ambition of accelerating EasyTranslate's organic growth. In addition, this strategic partnership enables EasyTranslate to grow its market share by realising strategic acquisitions.
"We are excited to have attracted an experienced investor like Pride Capital Partners, who has a proven history of driving the growth of international Software & IT companies. 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. With Pride Capital Partners, we have found a strategic partner that believes in our plan, which we can continue to execute collaboratively." says Frederik R. Pedersen, Co-founder and CEO of EasyTranslate.
EasyTranslate offers a marketplace of freelance translators, soon also copywriters, and combines it with translation management software. With this setup, the company can ultimately service its customers with a hybrid solution of scalable and user-friendly translation management software and fast delivery of high-quality translation services - the best of both worlds. EasyTranslate has experienced significant growth in the last year with its new software solution, which has resulted in the ARR increasing by almost 250 % YoY. Today EasyTranslate supports customers in more than 20 countries & across 3 continents and provides work for more than 600 freelance translators every month.
"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 customer base and customer-centric approach of EasyTranslate make the company well-positioned for its next growth phase. We are excited that EasyTranslate marks our first investment in the Nordics." says Lars van ‘t Hoenderdaal, Managing Partner of Pride Capital Partners.
With over 20 years of experience in the Software and IT industry, Pride Capital Partners aims to guide Software and IT companies in the Benelux, DACH region & Nordics through their next growth phase by providing flexible capital solutions and strategic advice. In this way, Pride Capital Partners empowers entrepreneurs to realize their growth ambitions. The headquarters of Pride Capital Partners is based in Amsterdam, but they will open their Nordic office in Copenhagen in July 2023. Next to Pride Capital Partners, current shareholders also invest additional capital into the company.
Holistic and faster flow with ChatGPT
Alongside the announcement of the new investment, EasyTranslate can now also reveal an integration of OpenAI's AI-generative content feature. This creates a unique option for users to not only use artificial intelligence in creating content in the flow through EasyTranslate but also source this content for review by copywriters, SEO specialists, etc.
OpenAI released its latest language model ChatGPT in 2022 as a chat engine, and while its potential has been well documented, until now few have shown how it can be integrated into professional contexts. But with EasyTranslate’s adoption, the professional business can benefit from the power of OpenAI’s models.
"ChatGPT has been one of the hottest topics across industries over the last months. But we are yet to see the specific positive impact it will have for companies working B2B. With our integration of models from OpenAI into the universe of EasyTranslate our customers know, we believe we are pushing the boundaries for using AI to make a real difference and create value for users. Technological advancement is captivating, but the true value is only created when we master the art of adaptation. We're constantly trying to stay ahead of the curve and do that,” says Frederik R. Pedersen.
EasyTranslate stresses that it will use the new investment to further develop the integration of its AI Content Generation tool with other software. A specific example is making the tool available within EasyTranslate’s existing integrations with e-commerce management systems such as Shopify.
About Pride Capital Partners
Pride Capital Partners invests in growing companies in Software and IT. By providing flexible capital, Pride Capital Partners enables entrepreneurs to realize growth ambitions. Typical scenarios include growth, acquisitions, and management buyout (MBO) transactions. Pride Capital Partners focuses on companies in the Benelux, DACH region and Nordics – and has offices in Amsterdam, Cologne, and Frankfurt.Pride Capital Partners' resources have been made available by shareholders, institutional investors, wealthy individuals, family offices and (former) entrepreneurs. The portfolio includes Blue Field Agency, Spotzer Digital, Fivespark, Fairbanks, Netaxis, ScanmarQED and Archipel, and DACH companies Wagawin, GBC Gruppe, Architrave, Kendox, moveXM, eKomi and Link11.
