Duolingo Co-founders Severin Hacker (L) and Luis von Ahn (R)
Language-learning app Duolingo filed its IPO prospectus on Monday, and plans to record on the Nasdaq underneath ticker image “DUOL.”
Income on the Pittsburgh-based firm rose 129% final yr to $161.7 million. The corporate introduced in $55.4 million in income for the quarter ended on March 31 — a 97% soar from final yr — whereas internet losses widened greater than six-fold to $13.5 million, in accordance with the submitting.
Duolingo presents 95 programs throughout 38 distinct languages — from the world’s most spoken, corresponding to Spanish, French and Italian, to endangered languages like Hawaiian, Navajo and Scottish Gaelic. Along with its core platform, the corporate created the Duolingo English Take a look at, an inexpensive and handy language certification possibility accepted by greater than 2,000 universities and establishments worldwide.
The corporate is very depending on distribution by cell app shops. In 2020, the corporate says, it derived 51% of income from Apple‘s App Retailer and 19% from the Google Play Retailer, and was the top-grossing app within the Training class for every retailer. Duolingo additionally claims reputation in Google searches, with greater than 9 instances as many searches for its title as for the phrase “study Spanish.”
Duolingo is a three-time CNBC Disruptor 50 firm that the majority not too long ago ranked No. 42 on final yr’s record, and is among the most extremely valued non-public start-ups in Pittsburgh historical past.
Kleiner Perkins, Union Sq. Ventures and Alphabet‘s unbiased progress fund CapitalG are among the many Duolingo’s largest enterprise capital traders. The corporate employed Goldman Sachs, Allen & Firm, Evercore ISI and Barclays to guide the providing.
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