Total amount raised
$27 Millions
Latest funding date
November, 2022
Location
Speak has successfully raised funds through multiple rounds, with the latest being a Series C round. The platform is an AI-powered language learning app designed to get users speaking out loud to learn a new language.
Keep reading to explore the intricacies of Speak's fundraising journey and the investors backing this innovative platform.
What Is Speak?
Founded in 2017, Speak is headquartered in San Francisco, California. The company was established by Andrew Hsu and Connor Zwick.
Speak is an AI-powered language learning app designed to help users practice speaking out loud and receive instant feedback. The platform aims to make language learning more interactive and effective.
With a team of 51-100 employees, Speak continues to innovate in the fields of artificial intelligence, e-learning, and speech recognition.
How Much Funding Has Speak Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2017
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of the AI-powered language learning platform.
- Series A
- Amount Raised: $11M
- Date: August 2020
- Lead Investors: JAM Fund, Justin Mateen
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance AI capabilities.
- Series B
- Amount Raised: $27M
- Date: November 2022
- Lead Investors: OpenAI Startup Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and improve speech recognition technology.
- Series B Extension
- Amount Raised: $16M
- Date: July 2023
- Lead Investors: Lachy Groom
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing development and market expansion.
- Series B Extension
- Amount Raised: $20M
- Date: June 2024
- Lead Investors: Buckley Ventures
- Valuation at Round: $500M
- Motivation Behind the Round: To support growth and market expansion.
- Series C
- Amount Raised: $78M
- Date: December 2024
- Lead Investors: Accel
- Valuation at Round: $1B
- Motivation Behind the Round: To expand language offerings and refine the AI-driven experience.
Total Amount Raised: $152M. Current Valuation: $1B.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders from inception through all phases of growth. Ben Quazzo, a partner at Accel, is joining Speak’s Board of Directors.
- Investment Focus Areas: Technology startups, consumer and enterprise software.
- Notable Investments: Facebook, Dropbox, Slack, Spotify.
- OpenAI Startup Fund
- Details: Managed by OpenAI, this fund focuses on investing in startups leveraging artificial intelligence. Ian Hathaway, a partner at OpenAI’s Startup Fund, expressed enthusiasm for Speak's vision and progress.
- Investment Focus Areas: AI and machine learning startups.
- Notable Investments: Various AI-driven startups.
- Khosla Ventures
- Details: Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. They have been a consistent supporter of Speak through multiple funding rounds.
- Investment Focus Areas: Technology, healthcare, clean energy.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups, including some of the most successful companies in the tech industry. They have been involved with Speak since its early stages.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Airbnb, Dropbox, Stripe, Reddit.
- JAM Fund
- Details: JAM Fund is a venture capital firm founded by Justin Mateen, co-founder of Tinder. They led Speak's Series A round.
- Investment Focus Areas: Technology startups, particularly in consumer internet and mobile applications.
- Notable Investments: Tinder, Hinge, Calm.
What's Next for Speak?
Speak is poised to seize significant opportunities in the language learning market. With plans to expand into global and enterprise markets, the company aims to increase its language offerings beyond English to include Spanish and French. The potential to integrate more behavioral features and gamification could further enhance user engagement. The market size is substantial, with over 1.5 billion people seeking to learn English and Speak's app already downloaded over 10 million times.
Future fundraising opportunities appear promising, with continued investment from major backers like Accel, OpenAI’s Startup Fund, Khosla Ventures, and Y Combinator. The company may pursue additional Series D or later funding rounds as it expands its market and product offerings. However, Speak will face challenges such as competition from other language learning platforms, maintaining the efficacy of AI-driven learning, and ensuring data privacy and security as the platform grows.
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