IBL News | New York
The live language learning app Preply, known for its large number of human tutors (currently, 35,000 in 50 languages), raised $70 million in equity and debt to extend its series C to $120 million.
The round was led by Horizon Capital, Hoxton Ventures, owl Ventures, and other investors.
Preply, which made its name out of its network of tutors, and differentiated itself from the likes of Doulingo’s automatic approach, said in an announcement that it plans now to use the funding to double down on AI to scale its service.
Founded in Ukraine, the company has already incorporated an AI teaching assistant that allows users to create exercises, grammar explanations, conversation starters, instructional planning, and after-lesson support. It’s also been building AI analytics to help understand how students are doing.
Preply has Datadog, GroupM, and Bain among its customers.