Ukrainian-founded edtech Preply receives $70M to expand into AI 

The US-based language learning platform, Preply has received $70 million from Horizon Capital, an Ukraine-focused venture fund, Reach Capital, and Hoxton Ventures, AIN.Capital was informed.

• Preply was founded by three Ukrainian entrepreneurs, Kirill Bigai, Dmytro Voloshyn, and Serge Lukianov.
• The company develops a global language learning marketplace, connecting over 50,000 tutors and millions of learners. Since it’s launching in 2012, students have signed up to more than 15 million lessons. Large enterprises such as Datadog, GroupM and Bain, which are aimed to improve their teams’ foreign language skills, are also among Preply’s clients.
• This financing will increase the volume of Series C to $120 million. In July 2022, Preply raised $50 million in a Series C.
• The new investment was co-led by Horizon Capital, a US-based private-equity firm, Reach Capital, a US-based independent fundraising and strategic advisory firm specialized in private markets, London-based early-stage venture firm Hoxton Ventures, and investors from the previous round also joined the fresh funding. 
• The company plans to use the funds to assist its rapid expansion into AI and launch new teaching assistants to enhance language learning.