Preply
Type of businessPrivate
Type of site
Educational
Available inEnglish, French, German, Italian, Russian, Spanish
Traded asPreply Inc.
Headquarters
Brookline, United States
Country of origin Ukraine[1]
Area servedWorldwide
Founder(s)Kirill Bigai, Dmytro Voloshyn, Serge Lukianov
CEOKirill Bigai
IndustryOnline language learning
ServicesEducation service
Employees500+
URLhttps://preply.com/
LaunchedNovember 1, 2012 (2012-11-01)
Current statusActive
Native client(s) oniOS[2] & Android[3]

Preply is an online language learning marketplace, connecting tutors to hundreds of thousands of learners in 180 countries worldwide. More than 35,000 tutors teach over 50 languages, powered by a machine-learning algorithm that recommends the best tutors for each learner.[4] Founded in the United States in 2012 by three Ukrainian founders, Kirill Bigai, Serge Lukyanov, and Dmytro Voloshyn, Preply has grown from a team of 3 to a company of over 500 employees of 60 different nationalities. With offices in Barcelona, New York, and Kyiv, employees work across 30 countries in Europe, USA, Africa, Asia and Latin America.[5][6][7]

History

The company was founded in 2012 by Ukrainian entrepreneurs Kirill Bigai, Dmytro Voloshyn, and Serge Lukyanov. The website, preply.com, was launched in November 2013 with the focus on online language learning.[1]

On August 31, 2013, Preply became a leading Ukrainian educational startup after an initial angel investment of $180,000 from Semyon Dukach, Borya Shakhnovich, Vadim Yasinovsky, Dan Pasko, Torben Majgaard, and Vostok Ventures.[8][9]

In 2013, the company started expanding into markets of Ukraine, Belarus, Russia, Kazakhstan and Poland.[9]

In 2016, the Preply platform was restructured by adding a ranking algorithm of machine learning for recommendations and classification of tutors.[10] Preply raised $1.3 million in funding from investors like Techstars, SMRK VCDigital, and Arthur Kosten. The team experienced significant growth, with the employee count reaching 100, marking a 7x increase in less than three years.[11]

In 2018, Preply Classroom (formerly Preply space) was launched as the all-in-one language learning ecosystem with the integrated video platform, online chat, screen sharing, and more.[12]

In 2019, Preply opened a new office in Barcelona, Spain, and expanded its services into UK, Germany, and Spanish markets.[10]

In 2021, Preply had accumulated a total of $50.6 million in investments through 8 funding rounds.[13]

In February 2022, the company's Ukrainian co-founders faced the invasion of Russia in Ukraine. Despite the turmoil, Preply ensured the safety and support of Preply's Ukrainian employees and their families. In July 2022, Preply raised an additional $50 million of investment.[14]

In August 2023, Preply extended their series C with an additional $70 million raise, led by Horizon Capital. The raise was announced in tandem with the launch of Preply’s AI assistant. The new funds will be used to extend leadership in the category through AI-powered human tutors.The company also opened a New York office.[15][16]

Product

Preply’s product is based on AI-powered human tutoring. The company uses a machine learning algorithm to increase matching efficiency between learners and tutors on a variety of parameters such as price, availability, country of birth, other languages spoken, learning objectives and more.[17]

Preply offers classes in 50 languages, with tutors functioning as independent contractors who set their own rates and schedules.[18]

Recognition

In May 2020, Preply won “The Revenue Hack of 2020” at the Ukrainian Startup Awards.[19]

In July 2021, Preply was a finalist for the 2021 Europas award for “Hottest edTech Startup in Europe”.[20]

Policies

According to the refund policy, a refund is available within 28 days of payment.[21]

The commission for every trial lesson with a new student is 100%. For all the subsequent lessons, the tutor is charged a percentage of the hourly rate (between 18% and 33%).[22]

References

  1. 1 2 "More than 10.000 hours of lessons a month are taught on Preply". 150sec. 2016-03-04. Retrieved 2021-10-27.
  2. ↑ "Preply: Learn languages". App Store. Retrieved 2021-11-06.
  3. ↑ "Preply: Learn any language - Apps on Google Play". play.google.com. Retrieved 2021-11-06.
  4. ↑ Wallen, Joe. "Ed-Tech Firm Preply Announces European Expansion After Successful Summer Funding". Forbes. Retrieved 2021-10-27.
  5. ↑ "About us | Preply". preply.com. Retrieved 2021-11-06.
  6. ↑ Ghosh, Shona. "Language-learning marketplace Preply raises $35 million led by Silicon Valley investors". Business Insider. Retrieved 2021-11-06.
  7. ↑ Mergermarket. "Language Learning Apps Are Seeing A Surge In Interest During The COVID-19 Pandemic". Forbes. Retrieved 2021-11-06.
  8. ↑ "Большие надежды. ТОП-30 стартапов украинского интернета". 19 October 2012.
  9. 1 2 News, Ukraine Digital (2015-02-02). "Ukrainian online tutoring platform Preply enters Polish market |". Retrieved 2021-10-27. {{cite web}}: |last= has generic name (help)
  10. 1 2 "Preply pulls in $1.3M to expand its tutoring marketplace in Europe". TechCrunch. 7 June 2016. Retrieved 2021-10-27.
  11. ↑ Lomas, Natasha (2016-06-07). "Preply pulls in $1.3M to expand its tutoring marketplace in Europe". TechCrunch. Retrieved 2023-10-25.
  12. ↑ "Preply: A global marketplace for tutoring · Showcases · Techukraine". Techukraine. Retrieved 2022-05-19.
  13. ↑ Browne, Ryan (2023-07-19). "Ukrainian-founded Duolingo rival Preply banks $70 million to push into A.I." CNBC. Retrieved 2023-10-25.
  14. ↑ "Ukrainian edtech startup Preply raises €29.5M to prep its online language learning platform for recent growth | Silicon Canals". 9 March 2021. Retrieved 2021-10-27.
  15. ↑ "Ukrainian startup Preply beats the geopolitical odds with $50M to grow its language learning platform". TechCrunch. 13 July 2022. Retrieved 2022-07-13.
  16. ↑ Lunden, Ingrid (2022-07-13). "Ukrainian startup Preply beats the geopolitical odds with $50M to grow its language learning platform". TechCrunch. Retrieved 2023-10-25.
  17. ↑ "Online tutoring marketplace Preply banks $10M to fuel growth in North America, Europe". TechCrunch. 30 March 2020. Retrieved 2021-10-27.
  18. ↑ Tucker, Charlotte (2021-03-10). "Barcelona and Kyiv-based Preply raises €29.4 million to grow its online language learning platform". EU-Startups. Retrieved 2021-10-27.
  19. ↑ "TechUkraine news - Winners of the Ukrainian Startup Awards 2020 · Techukraine". Techukraine. 2021-06-01. Retrieved 2021-10-27.
  20. ↑ "The Europas 2021". theeuropas2021.thepathfounder.com. Retrieved 2021-10-27.
  21. ↑ "How Subscription model works | Preply Help Center". help.preply.com. Retrieved 2023-04-07.
  22. ↑ "Preply commission model | Preply Help Center". help.preply.com. Retrieved 2023-04-07.
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