LinguaLeo, a market leader in online English language learning in Russia and CIS, received a financing of undisclosed amount.
Backers included the new strategic investor Social Discovery Ventures (SD Ventures) with participation from Runa Capital, an existing shareholder.
The company, which has raised over US$3.7m to date, intends to use the funds to achieve self-sufficiency, while maintaining the core team and continuing strategic directions of product development: further improvement of education quality and strengthening of user motivation mechanisms.
Founded in 2010, LinguaLeo uses game formats and content to motivate users to regularly practice a foreign language and achieve results. It is available as a web app, as Android, iOS and Windows Phone applications, as well as a plug in for browsers and is used by over 11 million people worldwide, mainly from Russia, Ukraine, other CIS countries, Brazil and Turkey.
The company had received $200k from angel investors Igor Ryabenko, Egor Rudy and Sergey Kuznetsov and, in Spring 2012, closed a round with $3m from Runa Capital.
FinSMEs
17/06/2015