The way we see it, success is driven by people. Although often seen as a cliché, there is no doubt this wouldn’t be true for Preply. When we were first introduced to CEO Kirill and the team behind Preply, we were astonished by the exceptional talent behind this multi-lingual business. The company – based in the US with offices in Kiev and Barcelona – brings in true cultural diversity with its team of 250 people and 36 nationalities. Such strong emphasis on talent and corporate culture is echoed by Preply’s CEO Kirill:
“Our employees are endlessly agile, innovative and curious – all in an effort to make our platform the best it can be. Together, we’re making a tremendous impact on e-learning” – Kirill Bigai
When it comes to social impact, Preply is truly unique in its way of working. We see it representing the future of learning:
“Anyone, anywhere, can learn languages from an expert tutor, at times and prices convenient for themselves. For the tutors, Preply creates tens of thousands of well-paying jobs that can be done anywhere in the world, despite of location or background” – Mikael Hed
Today, Preply has offered job opportunities to over 40 thousand tutors and served hundreds of thousands of students across 180 countries worldwide. From the business side, such a global market presence allows for economies of scale and capacity to offer services pretty much anytime, anywhere. In our view, this is the way to win in the e-learning market.
Looking at Preply’s growth story, the business has rocketed over the past year – thanks to the global boom in language learning. Last year alone, the number of active learners and tutors, GMV and revenues quadrupled. So far more than 10 million lessons have been booked on the platform. It is evident that COVID-19 has impacted global learning habits and we are confident that the e-learning trend is here to stay. Looking forward the online language learning market is estimated to be worth over $21 billion by 2024 (Bloomberg).
Finally, what brings together Preply’s success, on top of the exquisite team and fantastic traction, is undoubtedly the product itself. Within their competitive market, Preply has been able to differentiate itself by its technology. The use of artificial intelligence allows for smart matching between tutors and students, providing high–quality learning tailored to one’s unique needs.
“Preply is not only a company in the right place at the right time, but also a force for the good in the world” – Mikael Hed
Looking ahead – next for Preply is further scaling. This financing round comes in to support the company’s vision to scale 7x over the next few years. Our Evli Growth Partners team, led by Growth Partner Mikael Hed, will bring in experience from global scaling, especially in the US. We are beyond excited to start this journey together with the whole Preply team and the international group of investors including Owl Ventures, Full In Partners, Point Nine, Hoxton Ventures, Educapital, All Iron Ventures and Diligent Capital Partners.
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