How Preply's CEO Built a $1.2 Billion Language Learning Platform
The founders worked without salaries in the first year to build Preply into today's success.
1A startup story from scratch
In 2012, 26-year-old Kirill Bigai and Dmytro Voloshyn founded Preply in Kyiv. They worked without salaries in the first year, supporting themselves through side jobs. While Bigai worked as a consultant at Creatio and Voloshyn as a software developer, they devoted 60 hours weekly to Preply. After exhausting a small pre-seed investment, they had to bootstrap the company.
2From personal need to global solution
Bigai's struggles learning English inspired Preply. His 2000s-era Skype learning experience sparked the idea for a centralized language platform. They onboarded 100 tutors via Google Forms in the first three weeks. Initially English-only, the platform expanded to 90+ languages due to demand.
3Challenging early years
Founders could only pay themselves $100 monthly after six months. After two years, they raised it to $500 and went full-time. A $1.3M seed round in 2016 transformed the product. Today it operates in 180 countries with 800 employees and 150,000 tutors, expanding into math, computer science, and chess.
4Financial milestones
In January 2024, Preply raised $150M Series D led by WestCap, reaching $1.2B valuation. Total funding exceeded $299M. New investment will develop AI tools and grow engineering teams in New York/London. The platform now offers hundreds of tutors across 90+ languages.
5Product evolution and growth strategy
Starting as a basic connection platform, Preply added payment and messaging systems. After language learning, it expanded to academic subjects. AI integrations aim to deliver personalized learning. Its global network connects students with native-speaking tutors worldwide.
6Ukrainian-rooted global success
The Kyiv-based startup became a success story for Ukrainian entrepreneurs. Engineer-founders applied technical skills to edtech. Voloshyn's PhD in machine learning contributed to the platform's tech. It continued growing despite wartime challenges, proving resilience.
7Market position and competitors
Preply differentiates with personalized live lessons against rivals like Duolingo and Cambly. Its diverse user base across 180 countries makes it a global leader. As the language learning market is projected to reach $115B by 2030, Preply aims for significant market share.
8Inspirational lessons for entrepreneurs
Preply's story shows how passionate entrepreneurs can build great solutions from personal experiences. Founders' sacrifices and focus serve as industry examples. Bigai advises, 'Focusing on a problem we deeply understood was key to our success.'
Original article: Fortune — Preply CEO'su 1.2 milyar dolarlık dil öğrenme platformunu nasıl kurdu?