Two of the fastest growing and most highly valued education technology companies are going down the alphabet as they raise subsequent rounds at higher and higher valuations.
Duolingo, the language-learning app developer, announced it had secured $35 million in a Series H round from private equity firms Durable Capital Partners LP and General Atlantic. This latest investment gives the Pittsburgh-based company a valuation of $2.4 billion—nearly a billion dollar more than its previous valuation when it last raised money in December 2019. To date, the company has raised $183 million in outside capital.
The funding comes on the heels of continued growth during an abnormal year. In March, the company reported a doubling of new users, which it attributed to more people learning from home as shelter-in-place orders were instituted in response to the pandemic. According to a company official, Duolingo currently has around 40 million monthly active users, and over 1 million subscribers who pay $6.99 per month. Another paid offering, an English proficiency exam for higher-ed admissions, has seen a 15-times growth in the number of test takers this year, with countries like India driving this business. …..
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