Preply raised $150 million in new Series D funding round
The language learning platform Preply has successfully completed its Series D financing round, raising $150 million. After the deal, the company’s market valuation reached $1.2 billion.
The investment round was led by WestCap. Other prominent investors included the European Bank for Reconstruction and Development (EBRD) and Horizon Capital. Goldman Sachs International facilitated the deal. According to the announcement, Preply plans to use the funds to enhance its language learning capabilities, invest in artificial intelligence development, and expand its product and engineering teams.
By adding WestCap as a strategic partner, Preply welcomed Allen Musk as a member of the board of directors. With this round, the total amount of funds raised by the company has reached nearly $299 million. The history of Preply began in 2012 when Ukrainians Kirill Bigai, Dmytro Voloshyn, and Sergey Lukyanov founded the company. The idea sparked when Bigai decided to improve his English through an online tutor from Texas, which inspired the creation of the platform.
Following the previous Series C round, the company significantly increased its base of available tutors and added over 40 new languages to its offering. Over the past year, Preply has been able to improve its financial performance and achieve a positive EBITDA.
| Indicator | Value |
|---|---|
| Raised in round | $150 million |
| Market valuation | $1.2 billion |
| Total funds raised | $299 million |
| Expansion of offering | Over 40 new languages |
