Founded in 2013 by Felix and Fabian Wunderlich, Lingoda is an online language learning platform that offers on-demand live instructors and Zoom classrooms to learn German, French, Spanish, and English. Lingoda has the mission “to empower even the busiest people to master a language and unlock their potential – anytime, anywhere.”
According to the edtech startup, the learning platform offers more than 450,000 classes per year, covering more than 2,000 lessons. In addition to the more than one thousand qualified, native-speaking teachers, the edtech business has served more than 70,000 students. Furthermore, the Berlin-based edtech startup company offers several levels of difficulty for students to move from one level to the next as they increase their knowledge and skills.
In an interview, CEO Michael Shangkuan of the edtech business said, “We want the whole world to be learning languages...That is our vision.” He added the revenue run rate of the edtech startup company is currently 10 times larger than that of a year ago. Additionally, he stated the customer base grew 200%, with students in more than 200 countries.
Growth Equity Funding
Lingoda announced its edtech business raised $68 million in growth equity funding led by Summit Partners and featured participation from existing investor Conny Boersch. Boersch, founder of Mountain Partners, previously invested in the startup company in 2015. With the new funding, Lingoda has raised more than $83 million since its inception.
Shangkuan said in a statement, “...We are grateful for the ongoing support of our trusted investors and partners, whose collaboration has been instrumental in our growth to date, and we are excited to embark on our new partnership with Summit. We look forward to working together to further scale our business and accelerate our growth.”
With the new capital, the edtech startup company plans to expand to new markets, enhance live classroom experiences, and accelerate the growth of Lingoda. Additionally, Matthias Allgaier, a managing director at Summit Partners, will join the board of directors.
Allgaier added in a statement, “We believe Lingoda has developed one of the most comprehensive and effective online language learning solutions globally and is positioned to benefit from the ongoing and accelerating trend of digitization in education. We are thrilled to partner with the entire Lingoda team, and we are excited about the future for this business.”
Lingoda Competitors and the Language Learning Industry
While Lingoda offers real-time instructor-led classes, it is competing against other language learning app services like Babbel and Duolingo. Startup Savant reported earlier this week Ringle, a startup company that offers English tutoring lessons through its app, raised $8.9 million in a Series A round.
In a report published by Grand View Research, the global edtech market was valued at $76.4 billion in 2019 and is projected to grow at a CAGR of 18.1% from 2020 to 2027. In addition, Meticulous Research reported the global online language learning market is projected to reach $21.2 billion by 2027.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.