Berlin’s online language learning school Lingoda has raised €57 million in a round led by Summit Partners and saw participation from existing investor Conny Boersch, founder of Mountain Partners, an early investor in Lingoda. As part of the deal, Summit Partners’ managing director Matthias Allgaier will join the Lingoda board of directors.
The capital is expected to further propel Lingoda’s expansion into new markets and growth, as well as enhance the live classroom experience.
“The language learning market is increasingly shifting to online offerings that provide consumers with a more convenient, flexible, and cost-effective way to improve their foreign language skills,” comments Matthias. “We believe Lingoda has developed one of the most comprehensive and effective online language learning solutions globally and is positioned to benefit from the ongoing and accelerating trend of digitization in education.”
Lingoda reports teaching over 450,000 classes each year via a network of more than 1,400 native-speaking teachers. Additionally, they have 2,000+ digital lessons produced in-house by linguistic experts.
“We are Europe's leading online language school. We aim to be the world's largest, offering our students and teachers more learning and teaching options than any other provider,” says Lingoda CEO Michael Shangkuan. “To date, we have taught over 3 million hours of coursework to more than 70,000 students, and our community is growing daily as we continue to build our platform to serve more learners worldwide.”
We’ve all seen the edtech/learning landscape change dramatically over the past 14 months. In a market that is projected to grow to $17 billion by 2027, and with a €57 million raise, Lingoda could be climbing its way to the very top of the language learning landscape. To my recollection, this is the largest raise for an online language school to date.