Lingoda language school receives 57 million euros

The company has grown strongly during the coronavirus crisis. One of the investors is entrepreneur Cornelius Boersch and his VC fund.

The Berlin start-up Lingoda receives 57 million euros in a financing round. This is reported by Gründerszene and Techcrunch. The lead investor is the American venture capital firm Summit Partners. The VC Mountain Partners, founded by Cornelius Boersch, is also said to have invested.

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 USA. The platform connects people who want to learn a new language together. Lingoda currently offers German, English, Spanish and French. The start-up was founded in 2013 and says it has already taught more than 60,000 learners from almost 200 countries a language. One lesson costs six to eight euros. Lingoda is said to have a valuation of seven to nine times last year's turnover, reports Gründerszene. At the end of 2019, Lingoda reported a loss of around 1.7 million euros. However, the number of customers is said to have grown by 200% in the past year due to the coronavirus pandemic. The start-up has so far raised a total of more than 70 million euros in venture capital.