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Ukranian found learning platform Preply made a name for itself for connecting students with a selection of some 35,000 tutors and group classes across 50 languages. With the closing of their latest funding round, the company plans to double down on Artificial Intelligence to further scale their learning experience.
Preply announced this week that it has raised a further $70 million in funding to extend its Series C to $120 million. Horizon Capital is leading this round, with edtech specialist Reach Capital, Hoxton Ventures and other existing investors also participating, such as Owl Ventures, which led the company’s initial Series C raise, totaling $50 million, in 2022.
“We are excited to partner with Preply’s visionary co-founders and their exceptional management team,” said Dmytro Boroday, a partner at Horizon Capital, in a statement. “Preply is one of the fastest-growing global edtech brands, now leading the live language learning category. With a culture of operational excellence and superb performance over the past few years, we are proud to support them as they enter the next stage of growth.”
AI is clearly what the market is demanding, especially at the moment. At a time when funding has been very tight across so many other areas of the tech sector, AI has been one of the few bright spots, an area where investors are still largely willing to make big investments.
In a company announcement this week, a spokesperson from Preply said:
“While human-led learning will always be at Preply’s core, the company is using AI as an engine to scale learning, improve access and focus on teaching like never before, this is a natural extension of Preply’s DNA in machine learning that it has always used to pair tutors and learners.”
Preply already offers an AI teaching assistant that helps tutors create a variety of exercises, grammar explanations, conversation starters and more. It’s also been building AI analytics to help understand how students are doing.
“Our ability to raise in the current climate while retaining most of our previous funds reflects our disciplined approach, strong focus on performance, and commitment to providing exceptional customer experiences” said Keiran Dodd, Global VP, People and Talent at Preply, in a LinkedIn post this week.
Preply is one of the learning platforms in EU with the largest amount of funds. Coupled with a strong R&D team, Leadrship and a rapidly growing platform. With this latest cash injection, Preply is better positioned than ever to capitalise on the growing global language learning market.