Total amount raised
$148.3 Millions
Latest funding date
April, 2020
Location
Duolingo has successfully raised funds through multiple rounds, with the latest being a Series H round. The company is backed by 13 investors, including General Atlantic and Durable Capital Partners.
Keep reading to explore the intricacies of Duolingo's fundraising journey and the investors supporting this innovative language-learning platform.
What Is Duolingo?
Duolingo, founded in 2011 by Luis von Ahn and Severin Hacker, is headquartered in Pittsburgh, Pennsylvania. The company offers a language-learning platform with 98 courses across nearly 40 languages.
Duolingo provides both free and premium services, including an English proficiency test, tools for schools, a literacy app for children, and math lessons. The platform uses a freemium model and various Amazon Web Services for its operations.
With a workforce of 501-1000 employees, Duolingo continues to innovate in the educational technology space, making language learning accessible to millions worldwide.
How Much Funding Has Duolingo Raised?
- Series A
- Amount Raised: $3.3M
- Date: October 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch the service.
- Series B
- Amount Raised: $15M
- Date: September 2012
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the course offerings and improve the platform's technology.
- Series C
- Amount Raised: $20M
- Date: February 2014
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase user acquisition.
- Series D
- Amount Raised: $45M
- Date: June 2015
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and expand into new markets.
- Series E
- Amount Raised: $25M
- Date: July 2017
- Lead Investors: Drive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and introduce new products.
- Series F
- Amount Raised: $30M
- Date: December 2019
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the user experience.
- Series G
- Amount Raised: $10M
- Date: April 2020
- Lead Investors: General Atlantic
- Valuation at Round: $1.65 billion
- Motivation Behind the Round: To support the surge in user growth during the COVID-19 pandemic.
- Series H
- Amount Raised: $35M
- Date: November 2020
- Lead Investors: Durable Capital Partners, General Atlantic
- Valuation at Round: $2.4 billion
- Motivation Behind the Round: To fuel continued investment in R&D and global expansion.
Total Amount Raised: $183.3M. Current Valuation: $2.4 billion.
Key Investors
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm that provides capital and strategic support for growth companies. Established in 1980, the firm has a collaborative global approach and sector-specific expertise.
- Investment Focus Areas: Technology, healthcare, financial services, consumer, and life sciences.
- Notable Investments: Airbnb, Alibaba, ByteDance.
- Durable Capital Partners
- Details: Durable Capital Partners is an investment management firm that invests in both public and private markets. It was founded by Henry Ellenbogen, who previously spent 18 years at T. Rowe Price.
- Investment Focus Areas: Small-cap and mid-cap compounders, mission-driven businesses, companies with strong cultures.
- Notable Investments: Not publicly disclosed.
- CapitalG
- Details: CapitalG is the growth equity investment fund of Alphabet Inc. It focuses on helping companies scale and achieve long-term success.
- Investment Focus Areas: Technology, consumer internet, software, and healthcare.
- Notable Investments: Stripe, Lyft, Airbnb.
- Drive Capital
- Details: Drive Capital is a venture capital firm that invests in innovative companies in the Midwest. It was founded by former Sequoia Capital partners.
- Investment Focus Areas: Technology, healthcare, consumer, and financial services.
- Notable Investments: Root Insurance, Olive, Greenlight.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm that specializes in investing in early-stage and growth companies. Founded in 1972, it has a long history of backing successful startups.
- Investment Focus Areas: Technology, life sciences, healthcare, and clean technology.
- Notable Investments: Google, Amazon, Twitter.
What's Next for Duolingo?
Duolingo's future is brimming with opportunities, driven by the global acceleration in digital learning. With $35 million in new funding, the company plans to expand its product offerings and team, capitalizing on the increased demand for online education. The potential for an initial public offering (IPO) looms large, promising to attract further investment and fuel growth. The company’s valuation at $2.4 billion and over 500 million app downloads underscore the vast market potential.
However, challenges lie ahead. Duolingo must navigate intense competition from other language-learning platforms and maintain user engagement as pandemic restrictions ease. Scaling operations while preserving company culture and ensuring the efficacy of educational content will be critical. Despite these hurdles, Duolingo's strategic focus on research and development, coupled with its robust market position, sets the stage for continued success in the evolving edtech landscape.
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