Founded by Luis von Ahn and Severin Hacker in November 2011, Duolingo has been a bridge connecting written and spoken languages and providing learners with all the assistance they need for learning a new language.
Pittsburgh-based Duolingo has officially filed to go public on Monday. Duolingo filed a registration statement on Monday with the U.S. Securities and Exchange Commission where it expressed its intention to have an Initial Public Offering (IPO). The company was last valued at $2.4 billion and has over 300 million users on its platform.
The language learning platform plans to list stocks on Nasdaq using the ticker symbol “DUOL”. The company has not yet confirmed how many shares will be offered at the IPO, or the price range of the shares. This information was not disclosed in its filing.
According to its SEC filing, Duolingo currently employs more than 400 employees. The company recorded $55.4 million as revenue in the first quarter of the year. This is an impressive growth from $28.1 million in the first quarter of 2020.
Duolingo’s revenue is generated majorly from subscriptions. The company had revenue growth of 129 percent from $70.8 million in 2019 to $161.7 million in 2020. The company has also enjoyed some “dividends” from the coronavirus pandemic. In the first quarter of this year, the company had revenue of $55.4 million which was a 97 percent increase from the same period in the previous years.
Duolingo in its filing with the Securities and Exchange Commission expects to raise $100 million. The edtech has raised $183.3 million in venture capital so far. Some of the companies that have stakes in Duolingo include Union Square Ventures, General Atlantic, CapitalG, Kleiner Perkins, and NewView Capital.
Since its creation, Duolingo has been helping to bridge the gap between languages and helping users learn new languages effectively in a way that is both easy and helps users achieve their goals. With over 300 million registered users across the world, Duolingo is a giant in its field. As of March this year, the platform via its website and mobile app offers 106 language courses in 38 languages. The platform also provides a digital language proficiency test with which users can use to test themselves. Duolingo services are available to users without charges but the platform offers a premium service to users who are willing to pay for it.