Founded in 2012, Preply operates an AI-powered platform that connects more than 100,000 tutors teaching over 90 languages with learners in 180 countries. According to CEO Kyrylo Bigai, the company has been EBITDA-positive since the fourth quarter of 2024.
Preply plans to use the newly raised capital to expand its engineering team, particularly at its offices in New York and London, and to further develop personalized AI-driven tools. These features help students take notes, track progress, and identify strengths and weaknesses. They are currently available for English and Spanish, with the company aiming to roll them out across all languages offered on the platform.
To support this expansion, Preply intends to hire more than 100 professionals, including product managers, designers, engineers, and AI specialists.
Allen Mask, a partner at WestCap, will join Preply’s board of directors. WestCap manages more than $6 billion in assets and has previously invested in companies such as Airbnb and StubHub.
Preply’s key objective was to secure an investment partner “who understands how to build next-generation brands and how to support companies at later stages of growth,” Bigai said in an interview.
The company is also considering an initial public offering, although no specific timeline has been disclosed.
