Ukrainian EdTech company Preply has raised a $50M Series C round, increasing its total investment amount since inception to $100M. The investment round was led by Owl Ventures.
Preply is the online language learning platform that connects hundreds of thousands of students in 180 countries with more than 32,000 tutors who teach more than 50 languages. It was founded in 2012 by Ukrainians.
Currently, Preply has offices in Ukraine, the USA, Spain and employs more than 400 employees of 58 different nationalities in 30 countries. Over the past year, Preply has tripled the size of its B2B business, and its clients include Bytedance (TikTok), Mercedes, and McKinsey. The number of people using the Preply app has quadrupled in the past two years and the total number of users has been doubled in many regions compared to last year.
The platform plans to capture the online language learning market, which will reach $47 billion by 2025. In 2021, Preply raised a $35 million B round. Owl Ventures and Full In Partners participated in this round, along with those companies which previously invested in Point Nine Capital, Hoxton Ventures, EduCapital, All Iron, Diligent Capital and Evli Growth Partners. These raised funds were used for staff increase: the company planned to double its staff in all regions where it operates. The last round summarily revisited all the investments that the company made since that time. Before that, in 2020, the company closed a round of $10 million. Funding helped the company strengthen its position in the markets of North America, France, Germany, Spain, Italy and the UK. Before that, $4 million and $1.3 million rounds were closed. In addition, Preply planned to launch a branch in the USA, a strategically important region for the project. The company raised first investments amounted to $120,000 in 2015 by entering the American TechStars incubator.
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