Duolingo, the popular language-learning app founded in 2011, has filed for an initial public offering (IPO).
The company reported revenues that increased 97% to $55.4 million for the first quarter of 2021.
However, net losses came to $13.5 million.
The company was valued at $2.4 billion after it raised $35 million in funding late last year.
This will be an important mobile-first subs benchmark: @duolingo files S-1: https://t.co/uBiT0Xpuax— Nico Wittenborn (@ncsh) June 29, 2021
– $71m in '19, $162m in '20 and $220m run for '21
– Not quite ebitda positive, but close
– Last private valuation $2.4b
Duolingo said it has over 500 million global downloads to date and is the top-grossing language app on both the Google Play Store and the Apple App Store.
It boasts some 40 million monthly active users and offers 38 languages for free.