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Unbabel raises $60M Series C to become the world's translation layer

Dear Friends and Supporters,

It's with great pleasure that we unveil our stealth investment in Unbabel that closed a few months ago and is now public through this 60 million USD Series C round. Ricardo and I invested in Unbabel back in 2014, when they were at Y Combinator, and have had the pleasure to see the company growing massively over the years. It’s a real pleasure to be back on board!

Enjoy the news and thanks for your continued support.

Stephan Morais
Managing General Partner
Indico Capital Partners
www.indicocapital.com
Unbabel surpasses milestone of translating over one million customer service messages per month

September 24, 2019: SAN FRANCISCO, CA & LISBON, PORTUGAL
Unbabel, the AI+human translation platform, today announced it has raised $60 million in Series C financing led by Point72 Ventures, along with e.ventures, Greycroft, and Indico Capital Partners, bringing its total funding to $91 million.

Previous investors Scale Venture Partners, Notion Capital, M12 (Microsoft’s venture fund), Samsung NEXT, Caixa Capital, Faber Ventures, FundersClub, and Structure Capital also participated in the round.

The announcement comes in the wake of the company’s strongest quarter yet, both in terms of revenue growth and breakthroughs in machine translation technology

The latest funding — nearly three times the $23 million Series B raised in 2018 — speaks to the rapidly expanding business case for AI Augmentation, a segment which Gartner predicts to create $2.9 trillion of business value by 2021

Unbabel combines state-of-the-art AI with a global community of translators to enable companies to offer multilingual customer service, no matter where they are based or what language their agents speak. Major brands such as Microsoft, Booking.com, Facebook, and easyJet have integrated Unbabel into their support workflows, citing cost savings up to 76% while increasing customer satisfaction.

Unbabel co-founder and CEO Vasco Pedro says that the additional capital will be used to accelerate global expansion and further strengthen AI capabilities. The company will continue to refine its award-winning Quality Estimation & Post-Editing technologies, as well as build out its new Pittsburgh research lab, expanding a world-class AI team.

"We are now translating over 1,000,000 customer service messages a month. That’s over five times the volume we saw in 2018, which underscores the global demand for agile multilingual customer service,” says Pedro. “Now, we have the opportunity to develop the next generation of the ‘Translation-as-a-Service’ (TaaS)  platform that will power enterprise communications of the future and ultimately become the world’s translation layer.”

We were inspired by Unbabel’s vision to provide enterprise-grade translations at the click of a button and impressed with the human-in-the-loop translation technology they’ve built,” said Sri Chandrasekar, Partner at Point72 Ventures. “We believe that Unbabel is poised to transform the translation industry, and we are incredibly excited to partner with them on this journey.”

Pedro concluded: “We are pleased to add the support of Point72 Ventures, e.ventures, Greycroft, and Indico Capital Partners, who understand the disruptive power of truly seamless translation. For the first time, Unbabel’s customers are able to look at language as a business enabler rather than as a barrier, and scale their operations according to strategic priorities.”

Committed to the vision of building universal understanding, Unbabel is rapidly expanding its footprint across the USA, Europe, and Asia.

 


About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico invests between 150 thousand and 5 million Euros per company. The team previously invested in companies such as Farfetch, Unbabel, Codacy and Talkdesk, amongst other Portuguese based global success stories.

Horizon 2020, EFSI and Portugal Tech
Indico VC Fund I is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Funds for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. It is also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by IFD - Instituição Financeira de Desenvolvimento, S.A. through the Portugal Tech facility managed by the European Investment Fund (EIF).

Copyright © 2019 Indico Capital Partners, All rights reserved.


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