The company was previously valued at $30M in March 2020. Here are the top-line bullets you need to know.
Preply, an online language learning marketplace, has raised $50M in a Series C. The round drew participation from Educapital, Evli Growth Partners, Owl Ventures, and Swisscom Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Massachusetts-based Preply helps students connect with language tutors.
- It brings together hundreds of thousands of students with about 32K tutors that collectively teach over 50 languages.
- Preply’s user base and revenue have grown by 10x since 2019.
- Its B2B language learning business has grown 3x over the past year. Some of its clients include Bytedance, Mercedes, and McKinsey.
- The startup is supported by a team of over 400 employees across 30 countries, including the US, Europe, Asia, Africa, and Latin America.
Source: Preply
WHY DOES THE MARKET MATTER?
- The education technology market is expected to reach a value of $377.9B by 2028, growing at a CAGR of 19.9%, according to Grand View Research.
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Edtech solutions are increasingly being adopted to lower content production costs and increase geographical reach.
- The demand for virtual programming and online education increased amid the pandemic, which has driven growth in this market.