Preply is a startup founded in Ukraine in 2013. Present in more than a hundred countries, it wants to accelerate in the online language learning sector. It has just completed an additional fundraising of $70 million, bringing its Series C to $120 million.
Preply was founded by Kirill Bigai, Serge Lukyanov and Dmytro Voloshyn. This EdTech has one ambition: to democratize online language learning with a pool of teachers representing around fifty languages. The site claims 35,000 teachers and a presence in 160 countries around the world. The promise? Offer courses based on each student’s budget and schedule.
Preply: a $120 million Series C
As mentioned, Preply has just completed an additional fundraising of $70 million. In total, its Series C funding round amounts to $120 million. The raising of 70 million is based on both equity and loans.
Among the investors, we find two French people: Educapital, a historic investor, and The Family. This fundraising, led by Horizon Capital, allows the arrival of Reach Capital and Hoxton Ventures and the return of existing entrepreneurs, notably Owl Ventures.
At a time when investors are much more cautious, Educapital discusses the reasons for its presence during this fundraising: “ Since our entry into the capital in March 2020, Preply has experienced continuous and efficient growth, and has successfully diversified its income towards BtoB. It is thanks to the rigor, perseverance, and ambition of the founders, C levels, and the entire Preply team that the company displays exceptional performance today. Today, it is one of the EdTech companies best positioned to take advantage of major technological revolutions to transform education, at scale. »
Transforming language learning with AI
Preply now wants to accelerate language learning thanks to new technologies and, in particular, artificial intelligence. Indeed, the company explains that, while teachers remain at the heart of Preply, the platform intends to rely on AI to better target the needs of its students. A teaching assistant has also been deployed to help teachers create lessons and exercises.
This new feature is just one of the many innovations deployed by Preply in recent months. Indeed, in June 2023, the platform joined forces with the international organization ETS to offer a TOEFL iBT preparation service.
