The investment is part of a larger $70 million funding initiative led by Horizon Capital, earmarked to fuel Preply’s research and development. This will include incorporating artificial intelligence (AI) into the platform to enhance learning experiences and introduce new product lines. Preply, with approximately 40,000 tutors, is a key player in facilitating interactive language learning within a vast global community.
This new injection of capital is a milestone for Preply, which continues to have significant research and development base in Ukraine. Preply CEO Kirill Bigai said this milestone “echoes the resilience and determination of the Ukrainian tech sector and all Ukrainians.”
Ukraine experienced a drastic 29.1 percent drop in its GDP in 2022; however, its technology sector generated a remarkable $7.3 billion in annual export earnings, exceeding expectations and providing crucial support to the country’s economy. New investments are crucial for businesses and job creation in Ukraine’s high-risk environment.
The new investment will contribute to Ukraine’s private equity market as well as nurturing this tech business Preply, according to Holger Muent, EBRD’s Head of Telecommunications, Media, and Technology. Lisa Kaestner, IFC’s Country Manager for Ukraine and Moldova, echoes the sentiment, emphasising IFC’s commitment to supporting the country’s tech sector and companies like Preply, which utilise technology to expand service accessibility while bolstering the economy.
Further information
The EBRD has been the largest institutional investor in Ukraine during the past 30 years, with cumulative investment of more than €18 billion in more than 500 projects.
In October 2023 the EBRD reached its target of deploying at least €3 billion of financing in Ukraine’s real economy in response to Russia’s war of aggression that began in 2022. More details about the investment in Preply are available in the EBRD article about this development.
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