The company plans to use the Series B funding to support product development and establish new third-party partnerships. Here are the top-line bullets you need to know.
Lokalise, a translation management system, has raised $50M in a Series B round that drew participation from 3VC, CRV, Chalfen Ventures, and Dawn Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Delaware-based Lokalise enables developers to automate localization processes.
- The company has developed integrations with GitHub, Adobe XD, Bitbucket, GitLab, Azure Repos, WordPress, Salesforce Knowledge, Android and iOS SDKs, and other applications.
- Lokalise has translated about 1.2B strings to date.
- The startup has over 2,500 clients across 80+ countries. Mastercard, Starbucks, Hyundai, Revolut, and Withings are included among its client base.
- Since its Series A funding round in September 2020, the company has reportedly grown its ARR by more than 3x.
- It has around 180 employees.
WHY DOES THE MARKET MATTER?
- The global software localization tools market was valued at $1B in 2019 and is expected to grow at a CAGR of 4.1% until 2028, according to Absolute Markets Insights.
- Increasing globalization, the proliferation of digital content, and the high costs associated with traditional translation processes have all contributed to market growth.
- Increased digital content consumption amid the pandemic has further increased the demand for software localization tools.