On Thursday, McGraw Hill Education, a learning science company announced it has taken $6.5 million worth equity stake in Busuu, the world’s largest social network for language learning with more than 55 million users.
Founded in 2008, Busuu aimed to change the way in which people learn languages. The company is committed to revolutionizing the language learning process through the use of technology. Busuu is pioneer in the digital learning apps with more than 55 million users and 12 languages to learn. Its market presence is felt in Brazil, Russia, China, Turkey, Germany and the U.S. It offers paid audio-visual language courses for 12 languages and includes direst interaction with native speakers around the world. The company has mobile app through which more than 75% of its users access the platform.
“We see tremendous opportunities with the powerful combination McGraw-Hill Education’s global reach and the scale and innovative mobile solutions of Busuu,” said Mark Dorman, president of McGraw-Hill Education’s International & Professional group. “The global market for language instruction totals $60 billion annually and is growing rapidly. The innovative and mobile Busuu solution complements our digital offerings and opens a number of new sales opportunities for our company.”
Unlike its main competitor in the field DuoLingo, which has raised $83.3 million in four rounds from seven investors, Busuu has been consistent its path of eschewing large fund raises.
“For Busuu, this alliance allows us to quickly grow our market penetration with a trusted name such as McGraw-Hill Education,” added Bernhard Niesner, CEO of Busuu. “We are especially excited to explore adding McGraw-Hill Education’s adaptive capabilities to our platform and believe this will revolutionize the way people learn languages.”
With many companies entering into the market for language instruction which is a welcoming sign, the total worth stands somewhere around $60 billion and is growing rapidly as the developing world comes online.