Language learning platform Preply has achieved a significant milestone, reaching a valuation of $1.2 billion following a successful $150 million Series D funding round. This latest investment marks a pivotal moment for the 14-year-old company, which has garnered support from notable investors including Horizon Capital, Hoxton Ventures, Owl Ventures, and Techstars Berlin.
Since its inception in 2013, Preply has effectively connected language learners with qualified tutors and achieved profitability based on earnings before interest, taxes, depreciation, and amortization (EBITDA) for the past year. A key factor in this success has been the company’s investment in artificial intelligence (AI), which enhances its offerings to better serve its network of 100,000 tutors and learners.
CEO Kirill Bigai shared insights on Preply’s AI initiatives, which currently include smart features like lesson summaries, homework assistance, and tutor-student matching. To further strengthen its technological capabilities, Preply is actively recruiting AI specialists across its four global offices located in Barcelona, London, New York, and Kyiv—despite the ongoing challenges posed by the Russian invasion.
Although headquartered in the United States, Preply’s roots lie in Ukraine, and the company has taken proactive measures to support its homeland during the conflict. Bigai emphasized their commitment to the Ukrainian office, where around 150 of the company’s 750 employees continue working amid difficult conditions, including regular airstrikes and power outages this winter. To ensure continuity, their Kyiv office is equipped with generators, providing electricity, internet access, and 24/7 operations for employees seeking a warm and functional workspace.
Bigai expressed profound appreciation for his Ukrainian team, noting that the adversity they’ve faced has fostered resilience and innovation within the organization. He remarked, “The experiences we’ve gone through as a company have made us stronger, more resilient, and more creative.”
With this latest funding, Preply joins a burgeoning list of unicorns with Ukrainian connections, alongside firms like Fintech-IT Group and Grammarly. While Bigai has not revealed specific timelines for a potential IPO, he acknowledged WestCap’s extensive expertise in guiding companies through public offerings, suggesting that such plans will continue to be explored as Preply evolves.
