The Spanish startup Correcto has closed an impressive €6.5 million funding round led by Octopus Ventures, Carya Venture Partner, and River Park Venture. As announced in a press release, this investment aims to propel the company to the “next level” of product development, international expansion, and team strengthening.
Founded in 2021 by Abraham López Lee, Ignacio Prieto Mayorgas, and Antonio Triguero Noriega, Correcto is a SaaS platform offering real-time Spanish linguistic corrections through artificial intelligence and machine learning.
“Our main focus will continue to be improving our current product and adding multiple features that complete this writing tool,” the company said, setting an ambitious goal of reaching one million users by 2024.
In an exclusive interview with Contxto, Correcto stated:
“With this new investment, we will begin internationalization in Latin America. Given our strength in Spain over the last year, we are now prepared to expand into international markets.”
The startup already has a strong presence in countries like Argentina, Colombia, and Mexico. According to the company, the Latin American market is particularly attractive as it is the region in the world with the highest number of Spanish speakers.
“82% of native Spanish speakers come from Latin America. We are developing a solution that adapts to all varieties of Spanish across different countries,” they added.
According to Aspects Software, the customer interaction solutions market was valued at USD $15.52 billion in 2020 and is expected to grow to USD $30.92 billion by 2026. In this context, SaaS solutions have increased significantly, with an organization now using an average of 80 SaaS applications.
Correcto’s main focus will be on Spain, the United States, and especially Latin America.
“For Correcto, this is a significant step to continue our growth over the past two years. The company announced it has also been a motivating milestone for the entire team,” the company announced.
With more than 591 million Spanish speakers worldwide, Correcto seeks to offer solutions that improve writing in Spanish and, in doing so, open doors to higher-paying opportunities for this large population group.
The company plans to use the new capital to optimize its artificial intelligence, develop new products, and expand its presence throughout Latin America. Its goal is to become the global standard-bearer for the Spanish language.