Speak Revenue, Valuation, Funding & Investors
Speak is valued at $1B as of December 2024, a 20.0x multiple on its last reported $50M revenue.
Last Speak valuation
$1B
Series C · Dec 2024
Last Speak funding round
$78M
Series C · Dec 2024
Speak revenue
$50M
Series C · Dec 2024
Key investors in Speak
OpenAI Startup Fund
Khosla Ventures
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Lachy GroomJustin Mateen
Buckley Ventures
Josh Buckley
About Speak
Speak is a San Francisco-based AI-powered mobile language tutor app supporting conversational practice in multiple languages through interactive sessions and feedback.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$50M (Dec 2024)
Valuation
$1B (Dec 2024)
Speak Valuation
Speak is currently valued at $1B, based on its Series C in December 2024.
The $78M round was led by Accel, with participation from OpenAI Startup Fund, Y Combinator and Khosla Ventures.
Speak's valuation has grown 172x from $6M at its seed round in December 2021 to $1B in December 2024, across 4 priced rounds.
Speak valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2024 | Series C | $1B | 20.0x |
| Jun 2024 | Series B | $500M | 5.0x |
| Jul 2023 | Series B | $500M | 5.0x |
| Dec 2021 | Seed | $6M | - |
Speak Revenue
Speak's latest recorded revenue is $50M, as of its Series C in December 2024. At a $1B valuation, that implies a 20.0x revenue multiple.
Revenue moved from $100M in July 2023 to $50M in December 2024, while the revenue multiple moved from 5.0x to 20.0x.
Speak revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2024 | $50M | $1B | 20.0x | Series C |
| Jun 2024 | $100M | $500M | 5.0x | Series B |
| Jul 2023 | $100M | $500M | 5.0x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Speak Funding History
Speak has raised a total of $153M across 6 funding rounds.
Speak's first fundraising round was a $11M Series A in August 2020. The most recent completed round was a $78M Series C in December 2024.
Speak funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2024 | Series C | Accel (lead); OpenAI Startup Fund; Y Combinator; Khosla Ventures | $78M | $1B | Speak, founded in 2016 and headquartered in San Francisco, develops an AI-powered language learning platform focused on achieving spoken fluency through conversational practice with an AI tutor. The app emphasizes speaking and listening, addressing gaps in traditional methods by generating audio conversations, analyzing user responses, and providing feedback. Primarily targeting English learners, Speak plans to expand to languages like Spanish and French in 2025, with users having spoken over one billion sentences on the platform in 2024 alone. On December 10, 2024, Speak announced a $78 million Series C funding round led by Accel, with participation from existing investors including the OpenAI Startup Fund, Khosla Ventures, and Y Combinator. This preemptive raise doubled the company's valuation to $1 billion post-money, following a $20 million Series B extension at $500 million in June 2024. Total funding raised to date stands at $162 million, supporting global and enterprise market expansion, AI enhancements like custom LLMs, and proficiency testing features. The round highlights Speak's rapid growth in consumer AI, with the app downloaded over 10 million times and typical usage of 10-20 minutes daily at pricing of $20/month or $99/year. Investors praise its market potential in a $1.5 billion total addressable market for conversational language learning. Accel partner Ben Quazzo, who led the investment and joined the board, noted Speak's exceptional growth and positioning to dominate the category. The funding will balance AI development costs with scaling efforts amid plans for broader language support and international reach. |
| Jun 2024 | Series B | Buckley Ventures (lead); OpenAI Startup Fund; Future Positive; Paul Graham; Khosla Ventures; Jeff Weiner | $20M | $500M | Speak is an AI-powered language learning app focused on spoken fluency, using advanced speech recognition to provide real-time feedback on pronunciation, tone, and conversation. Founded around 2016-2020, it started with English lessons and expanded to Spanish, with French planned next. The app emphasizes voice-to-voice interfaces powered by in-house trained models, positioning itself as a one-to-one alternative to human tutoring for non-native speakers across multiple native languages. On June 18-20, 2024, Speak closed a $20 million Series B-3 extension (also called Series B extension) led by Buckley Ventures, with participation from OpenAI Startup Fund, Khosla Ventures, Paul Graham, Jeff Weiner, and other existing investors. This brought total funding to $84 million and doubled the post-money valuation to $500 million USD. Prior rounds included a Series A of $11 million in August 2020 and Series B of $27 million in November 2022. Funds will support R&D for enhanced voice-to-voice models, global expansion, and product improvements to enable natural, human-like conversations. Investors highlighted Speak's transformative impact, with Buckley Ventures noting its category-defining status. |
| Jul 2023 | Series B | Lachy Groom (lead); OpenAI Startup Fund; Notion; Angel Collective Opportunity Fund; Khosla Ventures; Figma; Josh Buckley; Y Combinator Continuity Fund; Justin Martin | $16M | $500M | Speak is an AI-powered language learning app founded in 2016 by Connor Zwick and Andrew Hsu, offering an app for Android and iOS users to practice conversational English through interactive speaking experiences with an AI tutor that provides feedback on pronunciation, grammar, and vocabulary. The platform is available in approximately 20 countries including Japan, Taiwan, Germany, France, Brazil, and Mexico, with plans to expand into the United States. Speak integrates advanced AI models like OpenAI's GPT-4 and Whisper API for personalized, contextual feedback and multilingual speech recognition. Speak raised $16 million in a Series B-2 funding round in July/August 2023, led by Lachy Groom, with participation from existing investors including OpenAI Startup Fund, Y Combinator Continuity Fund, and new investors such as Dropbox co-founders Drew Houston and Arash Ferdowsi. This round brought total funding to $63 million, following a prior Series B extension at a $500 million valuation, with sources noting the valuation doubled in less than a year. Funds will support acceleration of the AI Tutor development, international market expansion, and hiring for new markets. The round aligns with Speak's growth in AI-driven education, differentiating through low-cost, scalable conversational practice compared to expensive human tutoring. |
| Nov 2022 | Series B | OpenAI Startup Fund (lead); Gokul Rajaram; Buckley Ventures; Justin Mateen; Founders Fund; Josh Buckley; Lachy Groom | $27M | - | Speak is an AI-powered language learning app that helps users achieve fluency through speaking out loud, providing instant feedback via advanced speech technology and leveraging OpenAI's models. The company raised a Series B round of $27 million in November 2022, led by OpenAI Startup Fund, with participation from investors including Buckley Ventures, Founders Fund, Gokul Rajaram, Josh Buckley, Justin Mateen, and Lachy Groom. This followed a Series A of $11 million in August 2020 led by JAM Fund and Justin Mateen. The funds were aimed at expanding the user base and improving AI-driven features. Speak has raised a total of around $152-162 million across multiple rounds from backers like Khosla Ventures and Y Combinator. By 2024 the app had over 10 million downloads with users averaging 10-20 minutes daily at $20/month or $99/year pricing. Recent 2025 reports mention surpassing $100 million annualized revenue, 15 million downloads, and enterprise plans. Speak competes in the language learning market against Duolingo by focusing on conversational practice. The company continues to grow, expanding languages like Spanish and French, creating over 25 million personalized lessons by 2024, and planning dynamic experiences with latest LLMs and speech tech. OpenAI Startup Fund highlighted Speak's world-class AI talent and transformative learning for a growing global userbase. |
| Dec 2021 | Seed | Precursor Ventures | $1M | $6M | - |
| Aug 2020 | Series A | JAM Fund (lead); Justin Mateen (lead) | $11M | - | Speak raised $11 million in its Series A funding round in August 2020, led by JAM Fund and Justin Mateen. The funding aimed to scale the platform and enhance its AI capabilities. JAM Fund is a venture capital firm founded by Tinder co-founder Justin Mateen, focusing on early-stage investments in technology and consumer internet startups. |
Who has invested in Speak?
20 investors have backed Speak across its funding rounds, including OpenAI Startup Fund, Khosla Ventures, Lachy Groom, Justin Mateen, Buckley Ventures and Josh Buckley.
Lead investors include Accel, Buckley Ventures, Lachy Groom, OpenAI Startup Fund, JAM Fund and 1 other investor.
Speak Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Nov 2022 | |
| San Francisco, CA | 3 | Participant | Jul 2023 | |
| San Francisco, CA | 2 | Lead | Nov 2022 | |
| United States | 2 | Lead | Aug 2020 | |
| San Francisco, CA | 2 | Participant | Nov 2022 | |
| Lachy Groom | San Francisco, CA | 2 | Lead | Nov 2022 |
| Los Angeles, CA | 1 | Lead | Aug 2020 | |
| San Francisco, CA | 1 | Participant | Jun 2024 | |
| Gokul Rajaram | San Francisco, CA | 1 | Participant | Nov 2022 |
| San Francisco, CA | 1 | Participant | Dec 2024 | |
| San Francisco, CA | 1 | Participant | Jun 2024 | |
| Denver, CO | 1 | Participant | Jul 2023 | |
| San Francisco, CA | 1 | Participant | Dec 2021 | |
This data is available for Pro users. Sign up to see all 20 Speak investors. Start Free Trial | ||||
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Start Free TrialSpeak Competitors
Speak competitors include listed companies like Appier Group and Rackspace, and private ones like Character.ai, Xueba100.com, AA-I Technologies and Adept AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $30M | - | $1B | 33.3x | |
 Shanghai | Private | - | - | $1B | - | |
| AA-I Technologies |  Israel | Private | - | - | $1B | - |
| San Francisco, CA | Private | - | - | $1B | - | |
 Japan | Publicly listed | $281M | $44M | $1B | 2.9x | |
| United States | Publicly listed | $2.7B | $244M | $997M | 1.6x |
Speak Public Comps
Speak is still privately-owned, but its public comps include Appier Group, Rackspace, Rezolve AI, Beijing CTJ Info Tech, American Public Education, Afya, Fractal Analytics, Coursera, Reconova Technologies and PKSHA Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
| $123M | $13M | 5.3x | 4.9x | 51.3x | 34.6x | |||
| $649M | $64M | 1.1x | 1.1x | 11.6x | 7.8x | |||
| $719M | $289M | 2.3x | 2.2x | 5.6x | 5.0x | |||
| $344M | $50M | 3.7x | 3.4x | 25.8x | 21.0x | |||
| $758M | ($49M) | 0.5x | 0.3x | (7.7x) | 2.7x | |||
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Common questions about Speak
| When was Speak founded? | Speak was founded in 2017. |
| Where is Speak headquartered? | Speak is headquartered in San Francisco, CA, United States. |
| Is Speak publicly listed? | No, Speak is a private, VC-backed company. |
| What is Speak's valuation? | Speak was last valued at $1B in its Series C in December 2024. |
| How much funding has Speak raised? | Speak has raised $153M across 6 funding rounds. |
| What was Speak's last funding round? | Speak's last funding round was a $78M Series C in December 2024, led by Accel. |
| Who are Speak's investors? | Speak's investors include OpenAI Startup Fund, Khosla Ventures, Buckley Ventures, Justin Mateen, Josh Buckley, Lachy Groom, JAM Fund, Future Positive, Gokul Rajaram, Y Combinator and 10 others. |
| What is Speak's revenue? | Speak's latest recorded revenue is $50M (December 2024). |
| What is Speak's revenue multiple? | Speak's latest valuation implies a 20.0x revenue multiple ($1B valuation on $50M of revenue). |
| Which companies are comparable to Speak? | Companies comparable to Speak include Character.ai, Xueba100.com, AA-I Technologies, Adept AI, Appier Group and Rackspace. |
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