Riga based Software as a Service (SaaS), Lokalise has announced on 7th September, 2020, that it has raised around €6 million in series A financing round. This investment is one of the largest ever first-time investments for a Latvian-based start-up. Lokalise started their journey on their own by bootstrapping the resources. The company claims to utilize the funds to recruit SaaS talent around the world to accelerate the growth of the company.
The round was led by one of the renowned Venture Capitalists of Europe, Mike Chalfen. Other participants include capital300 and few high-profile angel investors like Co-founder & Chief Strategy Officer of Intercom, Des Traynor; CEO of Nested, Matt Robinson; Founders of Tray- Ali Russell, Dom Lewis and Rich Waldron; COO of GoCardless, Carlos Gonzalez-Cadenas; ex CS lead of Atlassian, Eugene Katz; Founder & CEO of Miro, Andrey Khusid and his angel fund S16; co-founder of Algolia, Nicolas Dessaigne; former COO of King.com, Stephane Kurgan and Charlie Songhurst.
Incorporated in the year 2017 in Riga, Latvia by two techies, Nick Ustinov and Petr Antropov, the SaaS business model based startup attracted over 1500 customers from 80 countries as claimed by the company. Their clients include a range from early stage businesses, to scaleups, to Fortune500 companies including Yelp, Notion, Revolut and Virgin Mobile.
Thier product is a platform to manage localization which is a process of adapting and translating content to local markets for websites, applications, software, and other digital assets. Lokalise automated and streamlined flow pushes content directly to the software rather than performing manually using cumbersome excel files. It also allows engineers, designers, translators and managers to seamlessly work together on multi-market products from prototype to production.
Eva Arh of capital300, commented, “We are impressed by Lokalise‘s customer-centricity and best-in-class product. The team has achieved fast product-led growth while bootstrapping, including during the COVID-19 pandemic, and have decided to speed up expansion and accelerate growth further.”
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