Developer language platform Duolingo filed for an IPO with the U.S. Securities and Exchange Commission (SEC). This writes TechCrunch.
The company plans to place the shares on the Nasdaq exchange under the ticker DUOL. The number of shares and their price range have not been determined yet. Among the IPO organizers are Goldman Sachs, Allen, Bank of America, Barclays, Evercore Group and William Blair & Company.
Duolingo was valued at $2.4 billion in its last round of financing, which took place in November 2020, when the platform was able to raise about $35 million from private equity firms Durable Capital Partners and General Atlantic.
Duolingo’s revenue for the first quarter of 2021 was $55.4 million, up 97% from the same period last year. The online platform’s net loss for the same period rose to $13.5 million from $2.2 million a year earlier.
The company was founded in 2011 by two engineers, Louis von Ahn and Severin Hacker. It now employs 400 people.
Duolingo offers courses in 40 languages to about 40 million monthly active users. By November 2020, the number of app downloads exceeded 500 million, making it the most popular language learning app on both Google Play and the App Store.