Lingoda language school receives 57 million euros

The company has grown strongly during the Corona crisis. One of the backers is the entrepreneur Cornelius Boersch with his VC fund.

Berlin-based startup Lingoda is getting €57 million in a funding round. This is reported by Gründerszene and Techcrunch

. Lead investor is the American venture capital firm Summit Partners. Also reported to have invested is VC Mountain Partners, founded by Cornelius Boersch.

The money will be used to expand the language learning platform. Lingoda wants to build new tools for teachers and expand its presence in the US. The platform connects people who want to learn a new language together. Currently, Lingoda offers German, English, Spanish and French. The startup was founded in 2013 and says it has taught a language to more than 60,000 learners from nearly 200 countries. A lesson costs six to eight euros. Lingoda is said to have a valuation of seven to nine times last year's revenue, Gründerszene

reports. At the end of 2019, Lingoda still reported a loss of about 1.7 million euros. But the Corona pandemic is said to have grown its customer base by 200 percent in the past year. The startup has raised a total of more than 70 million euros in venture capital so far.