Duolingo, an online language learning platform, filed on Monday with the SEC to raise up to $100 million.
Duolingo states that it is the leading mobile learning platform globally with over 500 million downloads, and it is the top-grossing app in the Education category on both Google Play and the Apple App Store. Duolingo offers courses in 40 languages to approximately 40 million monthly active users. The company does not put its learning content behind a paywall, but learners are able to purchase its premium subscription, Duolingo Plus.
The Pittsburgh, PA-based company was founded in 2011 and booked $189 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DUOL. Duolingo filed confidentially on April 30, 2021. Goldman Sachs, Allen & Company, BofA Securities, Barclays, Evercore ISI, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
