Gengo Secures $12 million Investment by Intel Capital, Atomico, STC Ventures, Others
On the heels of STC Ventures’ investment in
Acadox last week, Gengo, a global translation platform, has
secured $12 million in investment, in a round led by Intel Capital,
and joined by Iris Capital, Infocomm Investments, NTT-IP Fund, STC
Ventures, and returning investor Atomico.
Gengo, which is based in Tokyo, is a crowdsourced online translation platform that provides human quality translation in 33 languages, leveraging a base of over 7,500 translators worldwide. Since its launch in 2009, the platform has scaled to serve major global players in e-commerce, including U.S.-based travel site TripAdvisor, Chinese B2B e-commerce site AliBaba, Japanese e-commerce group Rakuten, and YouTube. Recently, Gengo partnered with YouTube to allow video uploaders to order professional-quality translation for their captions.
With the investment, Gengo plans to expand further globally,
while improving their platform and speed to capitalize on the
opportunity. The global market for translation services is
estimated to reach $37 billion by 2018, according to
Global Industry Analysts.
“There's a vast and increasing amount of online content that needs translation,” says Angus Paterson, Partner and General Manager at STC Ventures. “With e-commerce in particular, if you provide localized versions of your product, it improves conversions and sell-through rates dramatically.”
The translation platform also offers its clients access to application programming interfaces (APIs) that allow them to directly integrate with its services. “Gengo has created a translation API that increases the speed and productivity of their jobs, allowing translation to be both efficient and inexpensive,” says Paterson.
These APIs help power Dakwak, a Jordan-based website localization platform that officially launched last year. By partnering with Gengo to offer human-quality translation, Dakwak hope to make going global easier for small and medium-sized businesses.
The current round of investment follows an initial seed
investment in 2010 from Dave McClure of 500Startups, which also invested in three
following seed rounds throughout 2010 and 2011, and a Series A
round of $5.25 million, led by Atomico in 2011.
“The Gengo team is excited about working with investors from Asia, the USA, Europe, and the Middle East, lead by Intel Capital, because of their global experience and track record helping entrepreneurs,” Robert Laing, CEO and co-founder of Gengo, said in a statement.