Duolingo co-founders Severin Hacker (left) and Luis von Ahn (right)
Language learning app Duolingo filed its IPO prospectus on Monday and plans to go public on the Nasdaq under the ticker symbol “DUOL.”
Revenue for the Pittsburgh-based company increased 129% last year to $ 161.7 million. The company generated $ 55.4 million in revenue for the quarter ended March 31, an increase of 97% from last year, while net losses expanded more than six times to $ 13.5 million, according to the presentation.
Duolingo offers 95 courses in 38 different languages, from the most widely spoken in the world such as Spanish, French and Italian, to endangered languages such as Hawaiian, Navajo and Scottish Gaelic. In addition to its core platform, the company created the Duolingo English Test, an affordable and convenient language certification option accepted by more than 2,000 universities and institutions around the world.
The company relies heavily on distribution through mobile app stores. In 2020, the company says, it earned 51% of revenue from Apple’s App Store and 19% from the Google Play Store, and was the highest-grossing app in the Education category for each store. Duolingo also claims popularity in Google searches, with more than nine times more searches for its name than for the phrase “learn Spanish.”
Duolingo is one of the three-time CNBC Disruptor 50 companies that ranked 42nd on last year’s list and is one of the highest-rated private start-ups in Pittsburgh history.
Kleiner Perkins, Union Square Ventures, and Alphabet’s independent growth fund CapitalG are among Duolingo’s largest venture capital investors. The company hired Goldman Sachs, Allen & Company, Evercore ISI and Barclays to lead the offering.
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