Boostlingo has secured a growth equity investment from Mainsail Partners, according to an August 5, 2021 press release. The US-based interpreting software provider will use the funds “to add executives to the management team, invest in its software products, expand into new international markets,” and scale customer support, the same announcement said.
Bryan Forrester, Co-founder and CEO of Boostlingo, declined to comment on the deal’s valuation metrics, but told Slator that “Boostlingo experienced over 130% growth in 2020 and had a similar growth profile in 2019.”
He described Boostlingo as a “white-labeled, SaaS technology” platform primarily used by language service providers (LSPs) and healthcare providers to deliver interpreting services onsite or remotely via phone or video.
Forrester noted the “continuing shift in the interpreting market to on-demand remote interpreting services,” adding that they expect the trend to continue and accelerate. “Populations are becoming more linguistically diverse and, with Boostlingo, clients can improve their level of care to underserved populations,” he said.
Boostlingo had been talking to a number of investment firms in late 2020, the CEO said, “and Mainsail reached out to us around the same time.”
On why they felt Mainsail was the right partner in this stage of the company’s journey, Forrester said it was Mainsail’s “great approach” in helping scale businesses of Boostlingo’s size and growth profile. He added, “They have a strong operations group and recruiting team with a great track record of success.”
The growth equity firm is located in San Francisco, California and Austin, Texas and “invests exclusively in fast-growing, bootstrapped software companies,” according to the press release. Mainsail has raised north of USD 1.3bn and has invested in over 50 startups since 2003, primarily “B2B software companies with compelling business models in growing markets.”
Asked about Boostlingo’s outlook and if they expect any potential impact from the policies of the Biden administration, CEO Forrester replied, “We currently don’t see any major impact, short term, good or bad. Over the next few years, we will continue to invest in our product, new employees, and our customers. We also expect to grow our international footprint in the coming year.”