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International Internet Magazine. Baltic States news & analytics Wednesday, 24.04.2024, 20:43

Estonian language learning software developer Lingvist attracts investment of EUR 7.4 mln

BC, Tallinn, 10.11.2015.Print version
Estonian startup Lingvist, which is developing adaptive language learning software that it claims significantly reduces the time it takes to learn a new language, has attracted an investment of eight million US dollars or about 7.4 million euros from Rakuten, one of the world's biggest IT companies which strives to teach English to Japanese, news portal geenius.ee reports.

The investment is led by Rakuten, another leading investor is Smartcap, investment arm of the Estonian Development Fund. Other investors are Finnish venture capital fund Inventure, and Skype's founders Jaan Tallinn and Geoffrey Prentice, informs LETA/BNS.

 

Last year Lingvist raised a 1 million euro round of funding from Jaan Tallinn, Smartcap and other investors, but the current cooperation with Rakuten will take the company to a new level as well as new markets.

 

"We will soon launch a Japanese version of Lingvist," member of the company's supervisory board, Eamonn Carey, said. "We are already quite popular in Vietnam and are expecting significant growth in East Asia," Carey said, referring to the fact that Asians want to learn to speak English.

 

At present Lingvist can be used to study English and French.

 

According to Carey the investment will be used for product development and growth.

 





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