Preply, a Ukrainian education startup, has raised $70 million in funding for further development

Ukrainian startup Preply, which specializes in teaching foreign languages, has successfully raised $70 million in equity and debt capital. This was reported by the company's press service.

Thanks to the successful fundraising, the startup's Series C has increased to $120 million. The company's team has also significantly expanded and now includes 500 employees from 60 different nationalities working in 30 countries.

The main investor in the new round of financing was Horizon Capital, a company specializing in equity investments. Reach Capital, Hoxton Ventures and other investors who have previously participated in the company's financing also took part in the investment process.

Preply's press service reports that the capital will be used to develop and improve educational tools. In particular, the company is actively working on the launch of an AI assistant for tutors, as well as personalized learning tools.

The use of artificial intelligence allows Preply to scale learning, improve access to knowledge, and focus on the process of acquiring new skills. The developed AI assistant helps tutors create various exercises, grammar explanations, conversation topics, and more. Teachers can effectively use this tool both during classes with students and when preparing homework and planning lessons.

Preply is an online language learning platform that connects tutors with students from all over the world. Founded in 2012 by Ukrainian entrepreneurs Kirill Bigai, Sergey Lukyanov, and Dmitry Voloshin, the company has more than 35,000 teachers who provide language learning services in more than 50 languages in 180 countries.

This success confirms the significant contribution of Ukrainian startups to the global education sector and the creation of innovative learning tools that facilitate effective and accessible learning for students around the world. The capital raised is expected to help Preply increase its capacity and expand its influence in the international education market.