Tel Aviv, Israel-based generative AI English language learning company Loora raised USD 12 million in a Series A financing. The round took place on February 21, 2024. Lead investor QP Ventures led the financing for the company. Meanwhile, new investor Hearst Ventures and existing investors such as Emerge and Two Lanterns Venture Partners, among others, joined in Series B.
Purpose of financing for Loora
The new funding comes eight months after Loora’s launch from stealth with a USD 9.25 million seed funding round. With the latest financing, the company seeks to expand its team. It also has plans to further advance the proprietary AI capabilities fueling its mobile app platform. Meanwhile, the company aims to extend its market reach to new audiences in the coming months.
What the company’s co-founders have to add
Roy Mor, CEO and Co-Founder of Loora, said, “Gaining English fluency can drastically improve people’s prospects, whether they’re looking to advance in their professional or personal lives. We’re excited to have quickly built a reality in which Loora is utilizing AI for good, enabling our rapidly growing community of learners across the globe to improve their lives with this new technology. Building AI that can guide and support learners throughout their journey to achieving English fluency in an effective, engaging, and personalized way is a significant technological endeavor. We are grateful to have such incredible investors supporting us as we work to constantly improve our technology and expand its reach to even more individuals, professionals, and organizations.”
What the investors have to comment
Daniel Robins at QP Ventures further added, “We invest in exceptional teams with audacious ideas that have far-reaching impact, and Loora fits the bill perfectly with its distinctive application of AI to English language learning that enables true conversational fluency at scale. Loora’s team has been innovating in AI long before it became popular and have therefore been able to create a prominent and deeply differentiated solution that captures all the advantages and nuances of being tutored by a native English speaker, while making language proficiency accessible, affordable, and achievable with technology. They are natural partners for us and we’re thrilled to join forces with them.”
In addition, Gil Canaani, Managing Director at Hearst Ventures, said, “Hearst Ventures continues to support and invest in the Israeli tech ecosystem, and we are very excited about our recent investment in Loora. We invested globally in several startups that are leveraging AI and ML to disrupt specific verticals. We have been tracking Loora’s team since they started and were highly impressed with the depth of the technology and consumer experience they offer, leveraging LLMs to provide an engaging, fun and highly sophisticated AI-driven English language learning solution.”
About the company
Roy Mor and Yonti Levin launched the company in 2020. Loora leverages the power of generative AI purpose-built to make English fluency attainable and accessible. It further allows engaging with the virtual language coach’s conversational AI is tantamount to practising with a native English speaker but on the learner’s own terms.
To explore more such startups, visit Zefyron Startup Database
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
