Ukrainian-founded edtech Preply has raised $70 million growth equity (equity and debt capital). These latest funds brings its Series C round to $120 million. The round was led by Horizon Capital and includes Reach Capital, Hoxton Ventures and other existing investors.
“We are excited to partner with Preply’s visionary co-founders and their exceptional management team. Preply is one of the fastest-growing global edtech brands, now leading the live language learning category. With a culture of operational excellence and superb performance over the past few years, we are proud to support them as they enter the next stage of growth," says Dmytro Boroday, Partner at Horizon Capital.
The e-learning company says it revenues have ‘grown tenfold over the last three years, largely due to significant improvements in the product experience for both tutors and learners'. With 35,000 tutors it is keen to begin utilising AI on the platform - it says that while human-led learning will always be at Preply’s core it will be using AI as an engine to scale learning.
“It’s a great achievement to have secured this capital injection while we still have plenty of runway and the majority of the previous raise in the bank; a result of rigorous capital efficiency and a laser focus on performance. The additional funds will enable us to extend our leadership in the category through AI-powered human tutors, providing a learning experience that is quickly becoming a game changer," says Kirill Bigai, co-founder and CEO of Preply.
"Though the team today is truly global, as a Ukrainian-founded company with significant R&D in Ukraine, this is a milestone to be celebrated. One that echoes the resilience and determination of the Ukrainian tech sector and all Ukrainians," he adds.
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