The language learning app Speak has been making significant strides since its launch in South Korea in 2019. According to CEO and co-founder Connor Zwick, the app now boasts over 10 million users and has seen its user base double every year for the past five years. What’s more, Speak has expanded its reach to more than 40 countries, demonstrating its growing popularity worldwide.
Investors have taken notice of Speak’s success and are eager to support its continued expansion. The company recently closed a $20 million Series B extension led by Buckley Ventures, with participation from prominent investors like the OpenAI Startup Fund, Khosla Ventures, Y Combinator co-founder Paul Graham, and LinkedIn executive chairman Jeff Weiner. This injection of capital brings Speak’s total raised to $84 million and doubles its valuation to half-a-billion dollars.
Speak, founded in 2014 by Zwick and Andrew Hsu, is unique in its approach to language learning. The app focuses on teaching language through speaking patterns and repetition in crafted lessons, rather than relying on rote memorization of vocabulary and grammar. This approach is similar to that of Duolingo, particularly the newer generative AI features introduced by Duolingo. However, Speak places a strong emphasis on verbalizing, encouraging users to speak out loud as much as possible.
Zwick explains that fluency in speaking is crucial for forming connections, bridging cultures, and creating economic opportunities. Despite its importance, this aspect of language learning has historically been underserved by technology. Speak aims to change that by prioritizing speaking practice and providing users with the tools they need to improve their speaking skills.
Initially launched with English lessons, Speak has since expanded to offer lessons in Spanish. The app utilizes a speech recognition model trained on in-house data to provide an immersive language learning experience. The next language to be added to Speak’s repertoire is French, although Zwick did not provide a specific timeline for its release.
Speak generates revenue by charging users $20 per month or $99 per year for access to all of the app’s features, including review materials and one-off courses. This subscription-based model allows users to fully immerse themselves in the language learning experience and make the most of Speak’s offerings.
Looking ahead, Speak has ambitious plans for the future. With a global workforce of 75 employees spread across offices in San Francisco, Seoul, Tokyo, and Ljubljana, the company is focused on developing new models that provide real-time feedback on tone and pronunciation. By continuously improving its technology, Speak aims to enhance the language learning journey for its users and help them achieve greater fluency and confidence in speaking.
