#USA #New York #AI Learning #Preply #WestCap

Preply Secures $150 Million in Series D Funding

In a significant boost for personalized education, Preply, the leading global marketplace for language learning, has successfully concluded its Series D funding round, attracting a remarkable $150 million. The funding round was spearheaded by WestCap, an investment strategy firm managing over $6 billion in assets. With this capital infusion, Preply is now valued at $1.2 billion, charting a bold course towards revolutionizing the learning landscape.

Connecting Learners and Educators Worldwide

Preply’s platform has established itself as a pioneer in the online language learning sector by effectively linking over 100,000 educators with learners in 180 countries, offering instruction in more than 90 languages. The unique blend of human instruction and AI-powered tools is designed not just to educate but to refine and redefine learning, fostering sustainable progress through tailored and dynamic learning experiences.

According to HolonIQ, a global education data platform, approximately 1.8 billion people or one in four globally are actively engaged in learning a new language. Projections suggest that the global market for direct-to-consumer language instruction will soar to a staggering $227 billion by 2035, already witnessing a threefold increase in the past five years. Such growth underscores the urgent need for innovative learning solutions.

Personalization at Scale

Since its last funding round, Preply has seen its pool of educators triple and expanded its course offerings by over 40 languages. Over the past year, the company has successfully turned its EBITDA to positive territory, showing signs of robust growth and operational efficiency.

The newly acquired capital will be instrumental in advancing Preply’s commitment to delivering an unparalleled level of personalized education. This involves enhancing its AI capabilities and scaling its product teams to improve user experience profoundly. Plans are firmly in place to accelerate global growth, enabling more learners and educators worldwide to engage with the platform and reshape traditional education paradigms.

Kirill Bigai, Preply's co-founder and CEO, expressed optimism about the new collaboration with WestCap. He stated, “We feel extremely fortunate and carry a great responsibility to shape the way people will learn in the future. Currently, we connect learners with the best educators globally, supported by AI for unprecedented levels of learning efficiency.” Bigai emphasized the potential for innovation at the intersection of human teaching and AI.

While many platforms increasingly lean towards automation, Preply remains committed to the human element, enhancing educator support through AI-assisted teaching tools. A recent efficiency study conducted with LeanLab Education highlighted that 96% of learners find human-led instruction crucial to their progress, with 97% affirming that these interactions build their confidence. Notably, Preply students can advance up to three times faster than average learners, with one in three achieving an entire CEFR level boost within just 12 weeks.

The Future of Learning

Allen Mask, a partner at WestCap, remarked, “Preply is setting new standards for personalized education, with limitless potential. Data indicates that learners excel when human-centric teaching is coupled with technology, revealing a genuine need to democratize access to quality education effectively.”

This latest funding round raises Preply’s total funding to approximately $299 million, further solidifying investor confidence in the firm’s mission and growth trajectory. With the sustained momentum in the global market, Preply is well-positioned to extend its impact and reinforce its status as a leader in human-led, AI-enhanced education.

For more information, visit Preply.com.

About Preply

Preply is a human-led, AI-enhanced language learning platform that is revolutionizing the future of education. Connecting over 100,000 educators with learners in 180 countries and offering instruction in over 90 languages, Preply leads the market in creating transformative learning experiences.

About WestCap

WestCap is a strategy and investment firm that partners with visionary leaders to build next-generation companies. Comprised of experienced industry leaders and entrepreneurs, WestCap guides companies through crucial phases of growth. Some of their notable investments include Airbnb, StubHub, and Klarna.

For media inquiries, contact Lauren Doyle at Preply.