Ukrainian-founded EdTech company Preply has raised $70M in equity and loan capital. The main investor in the new financing round is Horizon Capital, which specializes in investments in equity capital. Also participating in the round were Reach Capital, Hoxton Ventures, and investors who had already participated in previous financing rounds.
The company’s current focus is using artificial intelligence to scale learning, improve access, and increase the efficiency of acquiring new skills. In the last two years, the number of people using the Preply app has increased by 300%, and in many regions, the number of users has doubled compared to last year.
Today, the number of students studying on the platform exceeds those at Ivy League universities. The company’s team has grown to 500 employees in 30 countries.