Edtech marketplace, Preply, has secured an additional USD35 million of funding, a sum that exceeds the platform’s cumulative fundraising efforts since 2013
The round was co-led by Owl Ventures and Full In Partners, with participation from previous investors Point Nine Capital, Hoxton Ventures, as well as EduCapital, All Iron, Diligent Capital and Evli Growth Partners. Angel investors Niklas Ostberg, co-founder and CEO of Delivery Hero, Arthur Kosten, co-founder of Booking.com, Przemyslaw Gacek, co-founder of Grupa Pracuj, and David Helgason, co-founder of Unity Technologies are also participants.
This Series B announcement comes on the heels of an exceptional year for Preply with the number of active learners and tutors, GMV and overall revenues quadrupling across the board. In part, the hypergrowth can be attributed to the trend of e-learning adoption, already in motion and now accelerated by COVID-19 lockdowns. The extraordinary performance gains also correlate with how Preply is combining it’s human-led approach with a proprietary curriculum product covering the full learning journey with AI powered features. This technology has significantly increased the length of time each learner spends on the platform, resulting in a 16 per cent increase in purchased lessons per student.
Source: Private Equity Wire
