EdTech company Preply has raised USD 70 million in funding
Preply, an online platform that provides services for language learning, has carried out a new round of financing. The EdTech company has raised USD 70 million. The lead investor was Horizon Capital. Other investors in the round included Reach Capital and Hoxton Ventures.
The company needs capital to launch a new product. Preply plans to launch an AI assistant to help tutors make the learning process as efficient as possible. The company is also actively working on creating personalised learning tools.
Preply has received investment in the form of both debt and equity. The Series C financing brings Preply’s total funding to USD 120 million. Preply has increased its workforce to 500 employees thanks to the previous investments. The team consists of 60 nationalities from 30 countries.
Preply’s development plans
The company is a world leader in the e-learning sector. 35,000 tutors use the Preply platform, and the number of students is growing regularly. The EdTech company has increased its turnover tenfold in three years. Regular product improvements, both for students and teachers, have played an important role in this.
Preply is actively developing the B2B and B2C sectors. In 2022, the company signed more than 200 new contracts under the B2B model. Platform partners include companies such as Datadog, Bain, Plarium and others.
In the summer of 2023, a special TOEFL iBT test preparation programme became available on the marketplace. This became possible thanks to cooperation with ETS, the administrator of this type of exam.
Use of artificial intelligence
The main participants in the educational process on Preply are qualified tutors and, of course, students. At the same time, the company is actively implementing AI technologies to expand the platform’s capabilities:
– artificial intelligence allows you to extend the way you learn, providing a personalised approach;
– it enables you to maximise your focus on the learning process;
– AI facilitates the acquisition of new language skills.
The AI assistant allows teachers to create new exercises to teach and check knowledge. The AI solution also facilitates lesson planning and homework checking.
Preply pays special attention to monitoring student progress and ways to improve learning efficiency. Using innovative technologies makes it possible to analyse the dynamics of success and identify the topics that cause difficulties. In this way, the company aims to increase students’ involvement in the educational process and make it easier.
According to Preply representatives, thanks to the investments received, they will be able to realise all the planned plans in the near future.