Started by Ukrainian founders, language learning platform Preply has secured an additional $70 million in equity and debt capital, paving the way for language learning through the power of AI.
The funding was led by growth equity firm Horizon Capital, Reach Capital, Hoxton Ventures, and other existing investors, bringing Preply’s Series C total to $120 million.
Starting with just three founders, Preply has evolved into a global E-learning powerhouse, with nearly 500 employees from 60 nationalities working across 30 countries worldwide.
As a leader in the online language learning marketplace, Preply connects over 35,000 tutors with learners in 180 countries, offering instruction in more than 50 languages.
AI-Powered Teaching Assistant, Enhancing the Learning Experience
Recognizing the transformative potential of artificial intelligence (AI) in education, Preply has launched a sophisticated AI-powered teaching assistant, empowering tutors to create diverse exercises, grammar explanations, and conversation starters.
Seamlessly integrated into classes, this AI tool provides personalized support for homework setting and lesson planning, enabling tutors to focus on higher-level teaching tasks that require human input.
Through AI-driven data analysis, Preply identifies areas where students may struggle, enabling the development of personalized lesson plans and summaries tailored to individual learners’ needs.
The company also shares insights with the tutor community to enhance the quality of lessons and improve learning outcomes.
Preply’s Impressive Growth and B2B Success
With revenues growing tenfold over the past three years, Preply’s success is due to significant product experience improvements for tutors and learners.
The company’s B2B business has also gained momentum, with over 200 new deals signed in the past year. Renowned companies such as Datadog, GroupM, and Bain are leveraging Preply’s live language tutors to enhance their teams’ communication skills, boosting employee confidence and productivity.
Looking Towards an AI-Driven Future in Language Learning
The recent funding milestone holds special significance for Kirill Bigai, co-founder, and CEO of Preply, as it reflects the resilience and determination of the Ukrainian tech sector and its people.
With significant research and development efforts in Ukraine, Preply remains a shining example of the country’s technological prowess on the global stage.
As Preply sets its sights on an AI-driven future, it continues to lead the live language learning category and position itself at the forefront of innovation in the ed-tech industry.
With unwavering commitment and newfound financial backing, Preply’s journey will shape the future of language learning and inspire ed-tech ventures worldwide.
