People who stayed at their homes due to coronavirus and started new searches, enabled online language learning apps to revive during this period. Duolingo has become one of the language learning apps in demand in this context. The valuation of Duolingo reached $2.4 billion with an investment of 35 million dollars in a new funding round. More than 500 million people have downloaded Duolingo to date.
For Duolingo, which was valued at $ 1.65 billion earlier this year, the new valuation represents a big leap forward. At this point, the Covid-19 outbreak was extremely effective; Because educators and businesses continue to rely on virtual learning solutions, despite the reopening of many schools globally.
“I’m proud of the impact we have achieved while also significantly growing our business,” said CEO Luis von Ahn in a statement.
As for Duolingo’s growth related to the epidemic, the company says its app grew by 30 percent in 2020. The platform operates as a free app that allows users to learn languages for free while encouraging in-app purchases for additional features. Offering general and essential features free of charge makes the app one of the best free learning apps on the market.
The language learning app has experienced a 100% revenue growth in each of the past three years. Sensor Tower reported that Duolingo has become the highest-grossing education app since 2019.
“Duolingo is the kind of business that matches what we look for in our investments: they are mission-driven, have a great culture, and great people that can compound significantly over time,” said Henry Ellenbogen, founder and chief investment officer of Durable Capital Partners LP, in a statement. “Luis is also an incredible entrepreneur, and we’re very excited to partner with Duolingo for their next phase of growth.”