East-West Digital News 15 July 2012
LinguaLeo, a Russian startup with a web service that teaches English using popular TV serials, books and contextual dialogues, has just secured $3 million from Runa Capital, a major Moscow-based venture fund.
The site now serves 1.5 million registered users, of which 40,000 are paid subscribers, LinguaLeo founder Aynur Abdulnasyrov told East-West Digital News.
The startup’s financial results and valuation remain undisclosed.
Founded in 2009, the startup overcame early hard times in the absence of financial support. After monetization started in mid-2010, LinguaLeo secured a $200,000 investment from business angels Egor Rudi, Igor Ryabenkiy and Sergey Kuznetsov. Full recognition on the Russian innovation scene came in July 2011, when LinguaLeo won the prestigious BIT Contest.