Language learning marketplace Preply has raised $150 million in a Series D round and is now valued at $1.2 billion. This is a new chapter for the 14-year-old company, whose previous backers include Horizon Capital, Hoxton Ventures, Owl Ventures, and Techstars Berlin.
Preply has been connecting language learners and tutors since 2013 and has now had 12 months of positive EBITDA. Not coincidentally, we’ve also strengthened our AI integration to support 100,000 instructors and continue to scale.
It’s a fine line. While Duolingo faced backlash after declaring it would become an “AI-first company,” tutoring is a key differentiator for Preply. AI can also bring consistency to models that rely on self-employed instructors, although the company is adamant it won’t replace them. Preply CEO Kirill Bigai told TechCrunch that the future of learning will be “led by humans and powered by AI.”
Bigai said Preply is already applying AI to features such as lesson summaries and homework assignments, as well as matching learners with instructors who best fit their needs. To further develop these capabilities, Preply is currently hiring AI talent across four offices: Barcelona, London, and New York, he said. It also does not maintain an office in Kiev despite the Russian invasion.
Although Preply is headquartered in the United States, where it was founded, Bigai and his co-founders are Ukrainian, and the company has been very active in supporting their home country. They have done so in a variety of ways since the war began, including as employers. “We are working very hard [to the] Ukraine office,” Bigai said.
Approximately 150 of Preply’s 750 employees work in Kiev, where Russian attacks have regularly forced them into evacuation centers and caused power outages, making the current freezing winter especially difficult. “We have various generators in our office, so we have electricity, internet, our office is warm, and we are open 24/7, so our Ukrainian team members can come to our office at any time,” Bigai said.
These employees may be grateful to Preply, but Bigai is grateful to them and has deep respect for them. “Ukrainians are going through very difficult times, but this has fostered great resilience and creativity,” he said. Having to adapt to the realities and uncertainties of war also changed Preply. “I think the fact that the company went through something like this, and so many of us helped others, has made us stronger, more resilient and more creative,” he added.
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With the new funding, the edtech company joins the growing ranks of unicorns with Ukrainian roots, including Fintech-IT Group and Grammarly. But it could also follow in the footsteps of Airbnb, where former CFO Lawrence Tosi led a Series D through his growth equity firm WestCap. Bigai said Preply doesn’t have a timeline or concrete IPO plans yet, but pointed to Westcap’s “tremendous experience.” [taking] Going public is something we will continue to consider. ”
