Preply, a global startup founded by Ukrainians, has raised $70 million in equity and debt capital.
The company’s press service reported this.
“This allowed us to increase the volume of Series C to $120 million. The company’s team has grown to 500 employees of 60 different nationalities in 30 countries.
The new round of financing was led by Horizon Capital, an equity investment firm, with participation from Reach Capital, Hoxton Ventures, and investors who participated in the previous funding,” the statement said.
With the new round of funding, the company is launching an AI assistant for tutors and developing personalized learning tools.
“The company uses artificial intelligence to scale learning, improve access, and focus on acquiring new skills.
Preply has launched an AI assistant that allows tutors to create various exercises, grammar explanations, conversation topics, etc. Tutors use this tool during and between classes to help with homework and lesson planning, thus freeing up time for more complex tasks that require more human involvement,” the company said.
Preply is an online foreign language learning platform, a marketplace that connects tutors with hundreds of thousands of students in 180 countries (more than 35,000 teachers teach more than 50 languages).
Founded in 2012 by three Ukrainian co-founders, Kyrylo Bigai, Serhiy Lukyanov, and Dmytro Voloshin, Preply has offices in Barcelona, New York, and Kyiv.