‘Qualified’ crowdsourced translation marketplace TextMaster (and also part of the eFounders universe) has raised a new round of €4 million. New investor Serena Capital led the round, while previous investor Alven Capital joined as well. This brings the total amount Textmaster has raised thus far to €6.5 million.
When they raised €1 million roughly 1 year ago, they boasted of 50 million words translated. Since then, they’ve doubled this amount and have attracted 5k clients across 80 countries to their platform. Running at an annual growth rate of 150%, they’re now on-track to hit €10 million in revenues by next year, of which 50% will come from outside France.
Underpinning their impressive growth are undoubtedly key clients/partners such as Google, General Electric, Auchan, Canal+ and Universal Music; strategic integrations with the likes of Microsoft Office, Magento, WordPress, PrestaShop; and an extensive network of experienced translators, enabling TextMaster to deliver translations in 40 languages as well as support for other content services (ie copywriting, proofreading).
TextMaster are clearly resolving a real painpoint for users by delivering decent quality translation services (client satisfaction apparently stands at 98%), quickly and at an affordable rate. While quick translators like Google Translate, WordReference, Babylon and their endless number of clones, are fine for quick translation of words or a few lines of text, is obvious that they’re not efficient solutions for long-form, more professional translation. Add to that need for copywriting, proofreading and other content services, you have a massive market opportunity with significant growth potential.
Of course, TextMaster isn’t alone in this space but, according to their CEO Thibault Lougnon, becoming a leader in this new and fast-growing market is now within reach with this latest round of funding. Although they’re already highly international, becoming even more so is now top of their agenda along with accelerating their R&D.