As per the latest reports, Ukrainian founded Preply has bagged $70 Million in fresh funding. The round was led by Horizon Capital and includes Hoxton Ventures, Reach Capital, and other existing investors.
To power Preply’s next leg of the journey, the new bench and existing investors including Owl Ventures who led the Series C investment in 2022, provide a valuable balance of growth stage experience and Edtech expertise.
- Preply, an online language learning platform that was founded by three Ukrainian entrepreneurs – Dmytro Voloshyn, Serge Lukianov, Kirill Bigai, bagged the funds by issuing new equity and debt.
- It approximately connects 35000 tutors with millions of learners from across the world.
- It is driven by a culture of experimentation and data-driven learning focused on building world-class enterprise learning and end-user solutions.
- Additionally, Preply also caters to large corporations like GroupM, Datadog and Bain, helping their teams improve their foreign language skills.
- Preply already uses machine learning to match tutors and learners.
- The company plans to use the funds to assist rapid expansion into AI, mainly as AI powered human tutors.
- The CEO of Preply, Kirill Bigai said that the new funding will be used to strengthen the position of Preply in the online language learning market.
- It comes as no surprise as Duolingo, a competitor to Preply, has also been trying to enhance the app’s personalization to users by incorporating OpenAI’s GPT language processing software.
- The funding also highlights the ongoing interest from tech investors in AI powered startups.
Suggested Read: How Does Preply Work- Business Model and Key Features