Preply, the Ukrainian edtech startup, has raised a significant $70 million in growth equity, propelling its Series C round to an impressive $120 million. Led by Horizon Capital, the funding round also attracted investments from Reach Capital, Hoxton Ventures, and other existing backers.
The partnership with Preply's visionary co-founders and their exceptional management team has sparked excitement among investors. The company has emerged as a leading global edtech brand, dominating the live language learning category. With a track record of operational excellence and remarkable performance, Preply is now poised to embark on its next growth phase.
Dmytro Boroday, a Partner at Horizon Capital, expressed confidence in Preply's trajectory, stating, "We are proud to support them as they enter the next stage of growth." The edtech firm has experienced a tenfold revenue increase in the past three years, a testament to the significant enhancements to the product experience for tutors and learners alike.
With a network of 35,000 tutors, Preply is eager to harness the power of AI on its platform. While human-led learning remains integral to Preply's mission, the integration of AI technology will serve as a catalyst for scalable learning opportunities. The company is dedicated to utilizing AI as an engine for growth while maintaining its commitment to personalized human tutoring.
Kirill Bigai, co-founder and CEO of Preply, celebrated securing this substantial capital injection while maintaining a healthy financial position. He attributed this success to the company's capital efficiency and unwavering focus on performance. The additional funds will enable Preply to solidify its leadership position in the industry by leveraging AI-powered human tutors. This transformative learning experience promises to be a game-changer.
Preply's recent funding success marks a significant milestone for the Ukrainian edtech startup. With strong financial backing and an unwavering commitment to innovation, Preply is ready to revolutionize the education sector by combining the power of AI and human expertise. As the company embarks on its next chapter, it is well-positioned to shape the future of online learning and make a lasting impact on students worldwide.