The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), in partnership with Horizon Capital, will co-invest in the Ukrainian-founded online language learning platform Preply, Forbes reports.

This investment is part of a $70 million financing initiative led by Horizon Capital. The new capital will enable Preply to expand its initiatives in research and development, integrate AI to enhance the learning experience, and introduce new product lines.

Preply is one of the largest Ukrainian EdTech startups, founded in 2013 by Kyiv residents Kyrylo Bigai, Serhii Lukianov, and Dmytro Voloshyn.