Correcto, a Madrid, Spain-based SaaS platform offering real-time language and spelling solutions and corrections for written Spanish through AI, secured €6.5 million in its second seed funding round.
The round was led by Octopus Ventures, Carya Venture Partners, and River Park Ventures.
Octopus Ventures, founded in 2007, is a venture capital firm based in London, United Kingdom. The firm prefers to invest in the United Kingdom and European-based companies operating in the health tech, climate, people & talent, bio, fintech, deep tech, consumer, and b2b software sectors.
Founded in 2022, Carya Venture Partners is a venture capital firm based in Palo Alto, California. The firm seeks to invest in B2B technology companies with a focus in Deeptech/AI. They partner with Seed stage companies to help them get Series A ready.
RiverPark Ventures is a venture capital firm seeks to invest in early-stage companies and has a preference for fintech, edtech, eCommerce, SaaS and hospitality sectors. Founded in 2006 and is based in New York, New York.
Correcto Use of Funds
Correcto plans to use the funds to boost product development, expand internationally, and grow its team. With this new injection of capital, Correcto aims to optimize the AI models it uses and put Spanish on the AI map, as well as develop new products that focus on the written communication cycle.
Correcto is a startup that offers its clients an artificial intelligence and machine learning-based writing tool. Correcto provides spelling, grammar checks, corrections, and explanations to help users learn from their mistakes and improve their overall spelling. Correcto also provides users with writing suggestions, tone analysis, and many other features, thus improving written communication in Spanish. It has a strong presence in Argentina, Mexico, Colombia, Spain and the United States, Correcto's goal is to expand throughout Latin America.
Round: Second Seed Round
Funding Month: September 2023
Lead Investors: Octopus Ventures, Carya Venture Partners, and River Park Ventures
Company Website: https://www.correcto.es/
Software Category: SaaS-based Communication Enhancement Software