In a latest development, online learning platform, Preply, today announced an additional $10 million (€9 million approx.) of funding, doubling the total raised in it’s previous rounds. The round was led by London-based Hoxton Ventures, with participation from European investors, Point Nine Capital, All Iron Ventures, The Family, EduCapital, and Diligent Capital.
Several individual angel investors also participated in the round, including Arthur Kosten of Booking.com; Gary Swart, former CEO of Upwork; David Helgason, Founder of Unity Technologies; and Daniel Hoffer, Founder of Couchsurfing.
Aims to roll out new array of tools!
Using the new funding, the company plans to scale the marketplace, mainly in North America, France, Germany, Spain, Italy, and the UK. There are plans to roll out an array of new tools, assessments, and homework. Further, the new funding will also allow Preply to develop its mobile offerings, streamlining the Android and iOS app to make it more efficient and user-friendly.
Tutor registrations tripled!
The number of tutors registering on Preply has rocketed in regions such as the US, UK, Germany, France, Italy, and Spain. Over the past seven days, some countries have seen the number of tutor registrations tripled, compared to the same period in February, and the number of hours students are booking on the platform has doubled in many parts of the globe.
Preply was founded in 2013 by the Ukrainian-based team of Kirill Bigai (CEO), Serge Lukyanov (Head of Design), and Dmytro Voloshyn (CTO). The company now employs 125 staff of 25 nationalities in Kyiv and Barcelona, with revenues having grown tenfold in the last three years.
Uses machine learning!
Preply’s pioneering innovation was to use machine-learning to increase the efficiency of pairing tutors with learners, wherever they are in the world, making smarter connections, and cracking the code of effective language learning.
To date, two million classes have been taken with teachers of 160 nationalities. The vast majority of learners are using Preply for professional purposes such as moving abroad or to advance their careers. Others are using it recreationally – helping their child learn a new language, for example, or indulging a passion for mastering a new skill.
Flexible way to generate income!
The average price of a lesson on Preply is $15 (approx €13.60) to $20 (approx €18) per hour. For tutors, Preply has provided a uniquely flexible and secure way to generate income while no longer being limited by locale. With no need to host students at home, or waste time travelling, tutors can operate at maximum efficiency from anywhere in the world.
Kirill Bigai, CEO of Preply, comments on the company’s ambitions,
“The new funding allows us to bring more in-depth, immersive, and convenient experience to both tutors and learners all over the world. Today, we are laser-focused on language learning, but ultimately, I envision a future where anyone can learn anything using Preply.”
Rob Kniaz of Hoxton Ventures, comments
“Getting to know Kirill and the team at Preply, we were most impressed with their tremendous growth already in the US market as well as the size of the global market in online language tutoring. We believe the team has vast opportunity ahead of it, especially in the English-learning segment of the market where Preply already demonstrates market leadership.”
Main image credits: Preply
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