Subscribe to Entrepreneur for $5
Subscribe

Duolingo, Alphabet-Backed Language Company, Files Publicly Listed Document

The company did not disclose its valuation targets or share prices.

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Our friend the owl wants to be listed on the United States Stock Exchange. Duolingo , a language platform backed by Alphabet , Google's parent company, has submitted an initial public offering (IPO) prospectus to be listed on the Nasdaq under the ticker symbol "DUOL," according to Business Insider .

The platform, whose last confirmed valuation was $ 2.4 million in November 2020, briefed potential investors on its revenue and subscriber growth.

However, the company did not disclose its valuation targets or share prices. According to the US media, the platform reported 40 million monthly users and 1.8 million paid subscribers as of March 31 of this year 2021.

The Pittsburgh-based firm also reported a 129% increase in revenue last year, reaching $ 161.7 million. In the same way, it obtained revenues valued at 55.4 million dollars for the first quarter of this year, which meant an increase of 97% compared to the previous year, according to CNBC .

Duolingo is a language platform that offers 95 courses in 38 different languages ranging from the most widely spoken in the world to some that are in danger of extinction. It should be noted that the brand is backed by Alphabet, Google's parent company.

The app also features an English certification exam, called the Duolingo English Test, which can be used by students to apply to English-speaking universities.