[Germany] Tolingo, the online translation platform, has secured a Series A round of investment. The investment comes from Neuhaus Partners in Hamburg which is using a local start-up fund run by a public programme in conjunction with the local KfW bank (hey, this is Europe remember). The investment will be used to expand further in Europe and internationally. Terms were undisclosed but sources say it is in the €1 million to €2 million range.
Tolingo was founded in 2008 and now has over 2,500 certified translators online at any one time. There are 26 translation categories to choose from, depending on the subject matter of the text. Customers can use a series of preselections such as medicine, marketing, law, finance, or business are allocated a specialist translator in that field. Translations are proof-read twice.
Matthias Grychta, managing partner at Neuhaus Partners says Tolingo’s platform “significantly increases translation speed.” The 24-year old founder and CEO Hanno von der Decken thinks Tolingo’s 40% cheaper price-point that small translation agencies is also a draw.
Tolingo has competitors in the shape of Livetranslation.com and mygengo as a comparible system.