Preply, a Brookline, MA-based online language learning marketplace, raised $70M in equity and debt to take its Series C to $120M.
The round was led by Horizon Capital, with participation from Reach Capital, Hoxton Ventures and other existing investors.
Preply is an online language learning marketplace, connecting tutors to learners in 180 countries worldwide. More than 35,000 tutors teach over 50 languages, empowered by a machine-learning algorithm that recommends the best tutors for each learner.
Companies such as Datadog, GroupM and Bain are using Preply to drive improvements in their teams’ communication skills, increasing employee confidence levels and productivity. In addition, last month, the company partnered with language authority ETS (Education Testing Service) to deliver a personalized preparation experience for the TOEFL iBT®, a measure of English proficiency used by over 11,500 institutions worldwide.
The company intends to use the funds to extend its leadership in the category through AI-powered human tutors providing a learning experience.
While human-led learning will always be at its core, the company is using AI as an engine to scale learning, improve access and focus on teaching like never before.
Preply has launched a teaching assistant to enable tutors to create a variety of exercises, grammar explanations, conversation starters and more. Tutors are using this AI tool during and in between classes to support homework setting and lesson planning.
In addition, the company actively analyzes data on student performance and learning patterns in order to identify areas where students are struggling. The goal is to develop personalized lesson plans and summaries that address a learner’s individual needs, as well as share insights with the tutor community as to how the best lessons and learning outcomes are achieved.
Founded in the United States in 2012 by three Ukrainian founders Kirill Bigai, Serge Lukyanov, and Dmytro Voloshyn, it has grown from a team of 3 to a company of almost 500 employees of 60 different nationalities.
With offices in Barcelona, New York, and Kyiv, employees work across 30 countries in Europe, USA, Africa, Asia and Latin America.
FinSMEs
19/07/2023