Who Owns Duolingo Company?

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Who Owns Duolingo?

Duolingo's ownership structure shifted significantly with its IPO in July 2021. Originally a privately held company, it is now publicly traded on the Nasdaq Global Select Market.

Founded in 2011, Duolingo, Inc. is headquartered in Pittsburgh, Pennsylvania. Its mission is to make language education free and accessible worldwide.

Duolingo is the leading mobile learning platform, with over 100 million monthly active users as of December 2024. It offers courses in more than 40 languages and is the top-grossing education app globally. The company reported revenue of $748 million in 2024, a 40.8% increase year-over-year, and had over 8 million paid subscribers. As of July 2025, its market capitalization stands at $15.51 billion USD. Understanding its ownership is key to grasping its strategic direction and innovation, especially considering its popular Duolingo BCG Matrix analysis.

Duolingo was brought to life in 2011 by Luis von Ahn and Severin Hacker, who envisioned making language learning accessible to everyone worldwide. Von Ahn, a computer science professor, was motivated by his own experiences, while Hacker believed in the transformative power of free education.

Founding Vision

Luis von Ahn and Severin Hacker co-founded Duolingo with the mission to democratize language education. Their shared belief centered on making learning free and globally accessible.

Initial Funding

Early financial backing for Duolingo came from Luis von Ahn's MacArthur Fellowship and a National Science Foundation grant. The company secured approximately $3.3 million in seed and Series A funding in late 2011.

Key Early Investors

Prominent early investors included Union Square Ventures and Ashton Kutcher's A-Grade Investments. New Enterprise Associates (NEA) and Kleiner Perkins also participated in the initial funding rounds.

For-Profit Model

The decision to operate as a for-profit entity was strategic for long-term sustainability. This allowed for reinvestment and growth of the platform's educational offerings.

Early Revenue Strategy

Initially, Duolingo generated revenue by leveraging user-generated translations for commercial purposes. This innovative approach aligned with their goal of free education and a viable business model.

Founders' Shareholding

As of February 29, 2024, CEO and co-founder Luis von Ahn held the largest number of shares, with 3.63 million. Co-founder and CTO Severin Hacker was the second-largest shareholder with 3.61 million shares.

The founders, Luis von Ahn and Severin Hacker, established Duolingo with a clear mission to make language learning universally accessible. Their initial vision was supported by grants and early-stage investments, setting the stage for the company's growth and its impact on the Target Market of Duolingo.

Duolingo Ownership Overview

Duolingo is a publicly traded company, meaning its ownership is distributed among shareholders. The founders, Luis von Ahn and Severin Hacker, remain significant individual shareholders, reflecting their continued influence and investment in the company.

• Duolingo ownership is primarily held by its shareholders since its IPO.
• Co-founders Luis von Ahn and Severin Hacker are the largest individual shareholders.
• As of February 29, 2024, Luis von Ahn held 3.63 million shares.
• Severin Hacker held 3.61 million shares as of February 29, 2024.
• The company's public trading status means no single entity or foreign company has complete ownership.

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Duolingo's journey from a startup to a publicly traded entity involved significant capital infusion through multiple funding rounds, culminating in its Initial Public Offering (IPO). These events reshaped its ownership landscape, transitioning from early-stage venture capital to a broader base of public and institutional shareholders.

Before its public debut, Duolingo secured substantial funding, totaling $183 million across nine rounds. Early backing came from prominent venture capital firms like New Enterprise Associates, Kleiner Perkins, and CapitalG, alongside notable angel investors. The company achieved a significant milestone in December 2019, reaching a $1.5 billion valuation after an investment from CapitalG, marking its entry into the unicorn club. On July 28, 2021, Duolingo became a publicly traded company, listing on the Nasdaq under the ticker 'DUOL' and raising approximately $520.8 million. As of July 2025, the company's market capitalization has grown to $15.51 billion USD.

Key Institutional Shareholders

Following its IPO, Duolingo's ownership is now distributed among various institutional investors and public shareholders. These entities play a crucial role in the company's ongoing financial performance and strategic direction.

• BlackRock, Inc. holds 3,612,451 shares as of March 31, 2025.
• Fmr Llc is another significant holder with 3,555,887 shares.
• Vanguard Group Inc. possesses 3,531,816 shares.
• Baillie Gifford & Co. owns 2,477,752 shares.
• Durable Capital Partners Lp maintains a stake of 1,694,283 shares.
• Collectively, 1030 institutional owners hold 44,378,231 shares as of July 2025.

The current ownership structure of Duolingo is characterized by a significant presence of institutional investors. As of March 31, 2025, major shareholders include BlackRock, Inc., Fmr Llc, Vanguard Group Inc., Baillie Gifford & Co., and Durable Capital Partners Lp, who collectively manage a substantial number of shares. In total, 1030 institutional owners and shareholders have filed with the SEC, holding approximately 44,378,231 shares as of July 2025. It is important to note that Duolingo operates with a dual-class stock structure. This means that Class B shares carry 20 times the voting power of Class A shares, which effectively concentrates voting control with a select group of affiliated stockholders, including the founders. This structure can influence corporate decision-making and limit the influence of other shareholders. Understanding the Mission, Vision & Core Values of Duolingo can provide context for the company's strategic direction, which is influenced by its ownership. While Duolingo is a publicly traded company, the concentration of voting power means that understanding who controls the board of directors is key to understanding Duolingo's ultimate direction.

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The governance of Duolingo is overseen by its Board of Directors, comprising individuals with significant ties to the company's founding and operations, alongside independent members. As of July 2025, the board includes key figures like co-founders Luis von Ahn and Severin Hacker, along with directors such as Amy Bohutinsky, Sara Clemens, Bing Gordon, John Lilly, Gillian Munson, Bonnie Ross, Mario Schlosser, and Jim Shelton. The board's composition expanded in late 2024 with the appointments of Bonnie Ross and Mario Schlosser.

Duolingo's ownership structure is characterized by a dual-class share system, which significantly centralizes voting power. Class B common stock holds 20 votes per share, whereas Class A common stock has only one vote per share. This arrangement means that a relatively small group of affiliated stockholders, including directors, executive officers, and major investors, wield substantial control. As of September 30, 2024, these affiliated stockholders collectively controlled 78.8% of the total voting power. This concentration of voting rights limits the influence of Class A shareholders on crucial corporate decisions, such as the election of directors or approval of major transactions. The potential conversion of Class B shares to Class A shares upon transfer, with certain exceptions, could also impact the long-term voting power distribution for Class A stockholders. There have been no public reports indicating proxy contests or activist investor campaigns influencing the company’s strategic direction.

Understanding Duolingo's Voting Power

Duolingo's voting power is concentrated due to its dual-class share structure. This system ensures that founders and early investors maintain significant control over the company's direction.

• Class B shares have 20 votes each, while Class A shares have 1 vote.
• As of September 30, 2024, affiliated stockholders held 78.8% of the voting power.
• This structure limits the influence of individual Class A shareholders.
• Understanding this is key to grasping Duolingo ownership.
• For more on the company's journey, see the Brief History of Duolingo.

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In the past 3-5 years, Duolingo has seen significant growth and shifts in its ownership structure, notably following its public offering. The company's market capitalization reached an impressive $15.51 billion USD as of July 2025, reflecting substantial investor confidence. Its share price also experienced a notable increase of 98.52% between July 2024 and July 2025.

As of July 2025, Duolingo is supported by 1030 institutional owners and shareholders who have reported their holdings to the SEC, collectively managing 44,378,231 shares. This widespread institutional interest underscores the company's appeal in the market. While specific shareholding numbers for individual institutions are not publicly detailed for all, key players like BlackRock, Inc., Fmr Llc, Vanguard Group Inc., Baillie Gifford & Co., and Durable Capital Partners Lp are significant stakeholders. There have been dynamic shifts, with Vanguard Group Inc. increasing its stake and Baillie Gifford & Co. reducing theirs in the last quarter of 2023, indicating an active institutional investment landscape.

Board of Directors Additions

Bonnie Ross joined the board in December 2024, and Mario Schlosser was appointed in June 2024. These appointments reflect strategic additions to the company's leadership.

Financial Performance Highlights

Duolingo reported total revenue of $230.7 million for Q1 2025, a 38% increase year-over-year. The number of paid subscribers reached 10.3 million as of March 31, 2025, marking a 40% growth.

Strategic Focus on Growth

The company is prioritizing investments in product development and user engagement. This includes advancements in AI features, such as the Video Call for Duolingo Max, to drive sustained growth and market expansion.

Market Performance and IPO

Duolingo became a publicly traded company on July 28, 2021. Its market capitalization has grown significantly since then, demonstrating a positive trajectory in its stock performance. Understanding the Marketing Strategy of Duolingo provides context for its market success.

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