Acton, Neuhaus Partners and KfW support growth trajectory
Hamburg, 24 May 2011 – The online translation platform Tolingo has completed a further funding round. Munich growth investor Acton Capital Partners is acquiring a stake in the company by contributing to a capital increase. Besides lead investor Acton, the Hamburg venture capital firm Neuhaus Partners and KfW are participating in this second institutional funding round. KfW is using the “ERP Startfonds”, a scheme conducted in collaboration with the Federal Ministry of Economics and Technology. Both Neuhaus Partners and KfW have been holding a stake in Tolingo since October 2009. The remaining shares are held by the founders and members of the management of the Hamburg-based company as well as several Business Angels. The parties agreed to keep the conditions of the investments confidential.
Tolingo was founded in Hamburg in 2008. It is one of the leading translation service providers in Germany. The platform connects customers and freelance translators from countries all over the world. On the Tolingo platform, customers can choose from 220 different language combinations and 26 relevant specialist areas. Tolingo passes the inquiries on to suitable translators and also handles quality assurance, billing and customer service. Last year, over 10,000 companies placed professional specialist translations via the platform, and there are now some 6,000 qualified translators working on behalf of Tolingo.
“With the new capital we are going to enhance the growth of our business, in Germany as well as abroad,” says Tolingo Managing Director Gunnar Piening. “Globalisation offers enormous opportunities for our business. Companies all over the world are increasingly operating at an international level and require high-quality translations that are available at short notice,” adds founder and Managing Director Hanno von der Decken. The user interface of the company website is already available in English, French, Italian, Polish and Dutch in addition to the original German.
New investor Acton Capital Partners is convinced of the business model of the Hamburg-based company. “Tolingo combines a strong customer focus with a sophisticated technical infrastructure,” explains Christoph Braun, Managing Partner at Acton. “We are excited that we can now jointly support Tolingo in becoming an international success story.”
“In Acton, we have found an innovatively thinking and like-minded partner", says Matthias Grychta, Managing Partner at Neuhaus Partners. “Tolingo has shown an impressive development so far. The company now has excellent funding, which will enable it to ramp up to the next level of growth.”
The online translation platform Tolingo (www.tolingo.com) was founded in 2008. The company employs 40 staff in Hamburg and works with more than 6,000 professional translators worldwide. At www.tolingo.com, Tolingo clients ranging from one-man businesses to DAX companies have direct access to professional translations 24/7 worldwide. Clients can request Tolingo's translation services in 220 different language combinations and can choose from 26 specific fields. Tolingo's language experts deliver top-quality translations from websites to product descriptions, operating instructions to annual reports and legal documents.
Acton Capital Partners (www.actoncapital.com) is an independent, partner-led growth equity investor in the internet and mobile communications sector. The investment focus of Acton’s Heureka Growth Fund, established in 2008, is consumer-oriented business models in media, e-commerce and online marketplaces. The Heureka Growth Fund’s current portfolio includes companies such as Glasses Direct, mytheresa.com und Yatego. The Acton team has also managed the corporate venture capital company of Hubert Burda Media, one of the leading German media groups. Investment success stories include AbeBooks, Alando, ciao.com, Elitepartner, HolidayCheck, OnVista and zooplus.
About Neuhaus Partners:
Neuhaus Partners GmbH (www.NeuhausPartners.com) is one of Europe's leading venture capital groups. It primarily invests in IT companies. Since its foundation in 1998, 57 investments have been made - Neuhaus Partners was the lead investor in 49 of these. Track record: two IPOs, 20 trade sales, three buy-backs, 10 insolvencies. Neuhaus Partners is now investing from its third generation of funds.
About the ERP Start-up Fund:
KfW Mittelstandsbank (www.kfw.de) mobilises equity for young innovative companies with assistance from the German Federal Ministry of Economics and Technology (BMWi). In doing so, KfW enters into participations which in most cases do not involve KfW assuming part of the management of the companies. However, the precondition is that at least one other investor (Lead Investor) also enters simultaneously into participation. The participation by KfW and the Lead Investor are subject to the same financial conditions ("pari passu").
Rebekka Müller, tolingo GmbH
Tel.: +49 (0) 40 413/583 302, E-Mail: firstname.lastname@example.org
Anja Seipp, Seipp Kommunikationsberatung
Tel.: +49 (0) 89/2421887-22, E-Mail: email@example.com
For Neuhaus Partners:
Matthias Grychta, Neuhaus Partners GmbH
Tel.: +49 (0) 40/355 282-0, E-Mail: firstname.lastname@example.org
For KfW Bankengruppe:
Wolfram Schweickhardt, KfW Bankengruppe
Tel.: +49 (0) 69/7431-1778, E-Mail: email@example.com