Preply, a Ukrainian online learning platform, has raised $10 million in a round led by London-based Hoxton Ventures, with participation from Point Nine Capital, All Iron Ventures, The Family, EduCapital, and Diligent Capital.
Founded in 2013, the platform uses machine learning to pair tutors with learners, wherever they are in the world. According to a press release, Preply now hosts 10,000 verified tutors teaching 50 languages to tens of thousands of students in 190 countries. Headquartered in Kyiv with another office in Barcelona, the startup reports revenues have grown tenfold over the last three years. With the new funding, Preply will expand tools for both learners and tutors, and streamline the Android and iOS app to make it more user-friendly. The business plans to scale in France, Germany, Spain, Italy, the UK, and North America, with the goal of opening an office in the US by the end of this year. Commenting on this goal, CEO Kirill Bigai said: “The European market is very multicultural – a lot of people speak or learn two or three foreign languages. This, in turn, means that the European market is more developed. That’s the expertise we’re taking with us to the U.S. The new funding allows us to bring U.S. learners a more in-depth and varied offering with our unrivalled number and selection of tutors from Europe, Latin America and APAC.”
However language learning might not remain the platform’s focus. “Online learning is changing fast,” Kirill said. “Though the company focuses primarily on language learning today, tutors are also beginning to teach maths, chemistry and creative writing using the platform as we envision a future where anyone can learn anything using Preply.”