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Duolingo

EdTech: K-12
Segments:
Language learning and literacy tools
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Product stage:
Growth
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Launched in 2011 by Luis von Ahn and Severin Hacker, Duolingo’s language learning platform offers 100+ different language courses in 40 different languages with more than 500 million registered users and 40 million active users as of June 2021. Basic language learning features are free of charge, while Duolingo Plus with additional features is available on a paid subscription basis. In August 2021, the company announced that it was working on adding a math app to its growing suite of products—the "Duolingo Math" app, which focuses on teaching basic to advanced math, was released in October 2022. At Duocon 2021, the company unveiled two new AI-powered tools on its app: a conversation feature which allows users to have live conversations with the app, and the “hoots” feature which allows users to answer writing prompts that are immediately graded by AI. In July 2022, Duolingo announced that its language app joined the metaverse, allowing developers to create their own language learning content on Decentraland’s virtual blockchain environment and on the Roblox gaming platform. In March 2023, the company announced the development of a music app that aimed to teach basic concepts in music theory through popular songs and instructors to facilitate the learning process.

The company introduced a new family plan in October 2022, which allows for upto six people to access Duolingo Plus with a single subscription and will cost around USD 120 per year. In March 2023, Duolingo announced the launch of a new subscription tier called "Max," which includes two novel AI-powered features called "Roleplay" and "Explain My Answer." These features are supported by OpenAI's new GPT-4 technology, which was released during the same month.

In February 2021, the company announced plans to increase its presence in China, one of its top six markets in terms of active users and its largest market for the Duolingo English Test—a one-hour English language proficiency test used by students to apply to universities overseas. A Cantonese course will be offered to Chinese Duolingo users in 2021 in addition to the six languages already on offer (English, Spanish, Japanese, Korean, French, and Italian). In August 2021, Duolingo was removed from Chinese Android app stores operated by Huawei and Tencent. Although still available on iOS, Duolingo issued a statement saying that they are working on resolving the issue. This move follows recent reforms imposed by China in July 2021, which barred EdTech firms from selling shares to the public, accepting foreign investment, and turning a profit, amongst other restrictions.

In October 2022, the company acquired Gunner, an illustration and animation studio, to expand Duolingo’s design team with the addition of 15 new graphic designers, illustrators, and animators to focus on further product and brand development. It also reported that Gunner had partnered with the firm in 2020 to develop the arts and animations of its flagship product Duolingo ABC, a language and early childhood literacy app.

Key customers and partnerships

In June 2021, Duolingo announced two new partnerships to provide refugees with better access to education. Through its partnership with the International Rescue Committee (IRC), the company will provide free access to language learning and English testing. In a separate partnership with the United Nations High Commission on Refugees (UNHCR), a new university counselor position will be created at the UNHCR to advise refugees through the university admissions and financial aid processes. More recently, in April 2022, the company partnered with Platzi, an online learning platform, to offer up to 200 Duolingo English Tests free of charge to the Platzi English Academy community to strengthen English learning in Latin America.

Funding and financials

In November 2020, Duolingo raised USD 35 million in Series H funding from Durable Capital Partners, an investment management firm, and General Atlantic, a global growth equity firm. Duolingo plans to use the new funding for research and development of its language-learning products and workforce expansion. The company was listed on the NASDAQ in July 2021 and trades under the ticker “DUOL.” 

For the full-year 2022 (FY2022), Duolingo reported revenue growth of 47% YoY to USD 369.5 million, while total bookings grew 46% YoY to USD 428.6 million and subscription booking grew 48% YoY to USD 331.8 million. For the full-year 2023, Duolingo upgraded its guidance, with revenue expected to range from USD 500 million–509 million, while total bookings are expected to range from USD 552 million–561 million, and adjusted EBITDA to range from USD 55 million–61 million.

EdTech: K-12

EdTech: K-12

Key stats
Featured companies
240
Total funding (USD)
18.4 Bn
Total addressable market (USD)
43.7 Bn
Key competitors
 
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Company profile
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EDGE Insights

New regulations impact China's child-focused industries
Duolingo Targets USD 3.5 Billion Valuation In Updated IPO Filing

Recent Updates

Management news
Jan 8, 2024
Duolingo lays off ~10% of translation contractors to replace with AI
EdTech: K-12
Partnerships
Funding
Industry news
M&A
Product updates
Geographic expansion
Management news
Sep 29, 2023
Monthly News Summary (September 2023)
EdTech: K-12
Funding
Earnings/results
M&A
May 31, 2023
Monthly News Summary (May 2023)
EdTech: K-12
Partnerships
Industry news
M&A
Product updates
Management news
Mar 31, 2023
Monthly News Summary (March 2023)
EdTech: K-12
Partnerships
Funding
Earnings/results
M&A
Product updates
Management news
Feb 28, 2023
Monthly News Summary (February 2023)
EdTech: K-12
Earnings/results
Nov 10, 2022
Duolingo beats Q3 2022 consensus estimates; upgrades FY2022 guidance
EdTech: K-12

Company Brief


HQ location:
5900 Penn Avenue Pittsburgh PA USA
Founded year:
2011
Employees:
501-1,000
Total Funding:
USD 183.3 million
Last Funding
USD 35.0 million, Nov 2020

Funding


Investors


No investor data is available

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