Led by Octopus Ventures, Carya Venture Partners and River Park Ventures, Correcto has closed its second Seed round (€6.5M), following a first round in early 2022 (€575K) led by Fuel Ventures and Asymmetry Ventures.
Correcto has achieved major milestones in its evolution to date, with over 120,000 downloads, 70,000 monthly active users and more than a million words in its own dictionary.
Correcto not only helps you to have a better spelling, but also offers corrections and explanations so that users can really learn from your mistakes and thus improve their whole spelling.
Beyond spelling mistakes, the tool also corrects errors of context or coherence in writing, as well as providing a list of suggestions for synonyms when it detects that a word has been used too many times, further enriching the text.
Their business model is oriented towards B2B and B2C sales. Firstly, they offer a free version of the platform that is monetised through advertising, where spelling, punctuation and grammar checkers can be accessed from both desktop and mobile anywhere in the world. They also offer a paid version that includes additional features such as unlimited writing assistance and text statistics, at an affordable cost of €9.99 per month or €69.99 per year for the B2C model and €12.99 per month or €89.99 per year for the B2B model.
With this new injection of capital, Correcto aims to boost its product development, optimising the AI models it uses and putting Spanish on the AI map, as well as developing new products that focus on the written communication cycle.
They also want to start their international expansion plan. While today they have a strong presence in a few countries, such as Argentina, Mexico, Colombia, Spain and the United States, their goal is to expand throughout Latin America.
Finally, they want to increase their entire team (which has already grown from 6 to 25 people by 2022) in order to take the tool to the next level: to reach one million active users worldwide and become a benchmark in the Spanish language. Correcto says, "There is no tool comparable to Correcto in the Spanish-speaking market and the accuracy of our tool is similar to that of other successful English-speaking competitors".
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