Online learning platform Preply raises $10 million funding
Online learning platform Preply has announced that it has raised an extra $10 million in funding to finance its expansion, doubling its previous fundraising total.
Preply plans to invest the $10 million funding into: the growth of its network of 10,000 tutors; scaling its marketplace; introducing new tools, assessment and homework functions; and developing their mobile applications.
Preply is a network of tutors, providing online lessons and connecting students with a team of experts based across the globe.
The company’s revenue has grown tenfold over 3 years and it has hosted a total of 2 million classes on tis platform.
Coronavirus pandemic has caused ‘enormous surge in registrations’
In an exclusive statement to Global Education Times, Kirill Bigai, CEO of Preply, commented on the potential expansion of Preply’s physical presence.
“With this new investment, Preply will be looking to hire over 100 people in the next twelve months in Barcelona alone, as it builds even more momentum.
“The company will also be setting up an office in the U.S. by the end of 2020.”
Kirill also told GET News about the impact that the Coronavirus (Covid-19) pandemic is likely to have on the global online language education market.
“The Covid-19 pandemic has caused schools and office closures around the globe. This, in turn, has led teachers and students to seek online platforms to connect.
“At Preply, we’ve witnessed an enormous surge in registrations as thousands of students and learners have joined the platform in the last few weeks alone.
“In the midst of the chaos, we’re seeing some wonderful human stories come through; students all over the world using Preply to continue their language learning as schools and universities shut, to professionals of all backgrounds using Preply as a means of income during what is an incredibly tough time for many.
“There’s no doubt that e-language learning edtech businesses such as Preply will gain market share as a consequence of these global shifts.”
Growth in online learning behind Preply funding
In terms of the company’s future development, Kirill noted:
“Online learning is changing fast. Though the company focuses primarily on language learning today, tutors are also beginning to teach mathematics, chemistry and creative writing using the platform as we envision a future where anyone can learn anything using Preply.”
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. A number of individual angel investors also participated including Arthur Kosten of Booking.com; Gary Swart, former CEO of Upwork; David Helgason, Founder of Unity technologies; and Daniel Hoffer, Founder of Couchsurfing.
Josephine Walbank is a reporter for Global Education Times (GET News) with a focus on education in the UK, Asia-Pacific, and Americas, and student experience and lifestyle news.
Josephine is an experienced journalist who previously served as the Editor-in-Chief of The Falmouth Anchor. She is also the former Deputy Editor of Voices, the Falmouth & Exeter Students’ Union’s publication, and has written for various food and lifestyle publications.
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