Munich, 15 April 2021 – Lingoda, a portfolio company of Mountain Alliance AG (ISIN DE000A12UK08), has secured fresh growth capital in a financing round involving global growth equity firm Summit Partners as lead-investor and investor Conny Boersch, founder of Mountain Partners. In total, Summit Partners will invest EUR 57m for its equity stake in Lingoda. The investment will support Lingoda's expansion into new markets and further enhance the technological capabilities of its virtual classrooms to accelerate its already strong growth. Mountain Alliance AG holds around 7% of Lingoda following the completion of the financing round.
Lingoda is an online language school with virtual classrooms. Participants in the courses can see, hear and interact with each other - just like in traditional language schools, only online. The platform has grown dynamically since its founding. Last year alone, Lingoda increased its customer base by almost 200% and served students from nearly 200 countries worldwide. The need for virtual solutions in education is continuously growing. The COVID crisis has further fuelled growth and accelerated the shift to online learning. The global market for language learning is estimated to be worth more than $50 billion annually.
"We have been accompanying the growth at Lingoda for some time now and are excited about the dynamic development and future growth potential. I am confident that the fresh capital and strong investors at our side will enable the company to take large steps towards becoming a leader in the online language school space not only across Europe but also globally. Even before the COVID crisis E-Learning had either complemented or replaced traditional forms of learning due to its manifold potentials. We now experience an irreversible acceleration in this process. Lingoda has the potential to become a world leader in its area. Together we will continue to support and drive the scaling and internationalisation of Lingoda," says Manfred Danner, board member of Mountain Alliance AG.