Valued at $ 2,4 billion, the application Duolingo is preparing for its initial public offering (IPO). The company would have hired the Goldman Sachs and Allen & Company to lead the offer to be made until September, according to sources close to the matter reported to the Business Insider.
In its last round of financing, in November 2020, Duolingo raised $ 35 million, bringing its total funding to more than $ 183 million. At the time, the company's CEO, Luis Von Ahn, commented on the intention to hold an IPO in 2021.
Founded in 2011, Duolingo aims to make education accessible to everyone, with the teaching of new languages. The application currently offers 100 courses in 39 languages for free and has around 40 million active users per month. The simple three-minute lessons in the app are similar to games cell phones that reward users with points and “treasures”.
About 4% of Duolingo users pay for the service, accounting for 80% to 85% of the company's revenue. The rest of the company's revenue is obtained mainly from advertisements served at the end of classes.
No Brazil, Duolingo has 30 million users, who can learn English, Spanish, French, Italian, German and Esperanto.
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Another company about to realize its IPO is the Didi chuxing, the main name in the Chinese transport sharing market and also owner of 99 in Brazil.
The public offering is expected to be led by Goldman Sachs and Morgan Stanley and is scheduled for July. The opening order must be made to the New York Stock Exchange (NYSE).
The company has already received previous contributions from SoftBank, Alibaba and Tencent, well-known Asian giants of technology investments. And, if the IPO is confirmed in the speculated form until now, Didi can reach a market value of at least US $ 100 billion.
Street: Business Insider