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chiehsien
2021-06-29

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Language-learning app Duolingo files for U.S. IPO, reveals revenue surge

(Reuters) -Language-learning app Duolingo Inc on Monday filed for a U.S. initial public offering and

Language-learning app Duolingo files for U.S. IPO, reveals revenue surge

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Net losses in the same period widened to $13.5 million from $2.2 million a year ago.</p>\n<p>The Pittsburgh-headquartered company, which expects to be listed on the Nasdaq, was founded in 2011 by two engineers, Luis von Ahn and Severin Hacker. The co-founders met at Carnegie Mellon University, where Luis was a professor in the computer science department and Severin was his Ph.D. student.</p>\n<p>Duolingo's flagship app has more than 500 million downloads and is the top-grossing app in the education category on both Google Play and the Apple App Store, the company said in its prospectus.</p>\n<p>The company offers courses in 40 languages to about 40 million monthly active users. There are more people learning certain languages, such as Irish and Hawaiian, on the company's platform than there are native speakers of those languages worldwide, it said in the filing.</p>\n<p>Goldman Sachs &amp; Co as well as Allen &amp; Company are the lead underwriters for the IPO. 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