Tillväxt
Utbildning
Finland
Senast uppdaterad 3 maj 2019
WordDive is a unique, AI-based application for learning languages. At the moment, we have over 600 000 happy users in 150 countries, 97% customer recommendation rate and revenue of 1.7 million euros (2018).
Tillväxt
Skede
30
Anställda
2010
Grundad
Finansiell information
Inkomst EBITDA
2018 1 682 000 EUR -81 000 EUR
2017 1 425 000 EUR -213 000 EUR
2016 963 000 EUR -215 000 EUR
2015 552 000 EUR -152 000 EUR
2014 318 000 EUR -164 000 EUR
2013 140 000 EUR -183 000 EUR
2012 110 000 EUR -205 000 EUR
Senaste nytt

WordDive share issue 26.3.-20.4. on Around.fi

We have made an international breakthrough in teaching speaking skills and opened an issue of shares to fund the marketing and sales of the...

Företag och marknad

Language learning is digitalising rapidly. The global digital language learning market is exploding at a yearly rate of 17.8% and is estimated to be over 29 billion euros in 2025 [Research N Reports 04/2019]. This disruption from textual into spoken learning offers WordDive and its groundbreaking AI-based application an immense opportunity for growth.

Företag och marknad

Our revenue has grown 1100% in five years between 2013 and 2018. We also have an exceptionally high repurchase rate. In Finland, the Customer Lifetime Value (CLV) of our web subscribers is 105 euros, with the CLV of mobile users approaching the same level. According to our customer research, 98% of high school seniors and 96% of other users recommend WordDive, and recommendation-based sales form a significant amount of our total sales.

Our strategy is to concentrate on markets that spend a significant amount of money on digital language learning. Our main growth markets in 2019 are Sweden and Germany. Next, we plan to expand to selected European markets with either one of the largest digital language learning markets, China or the USA, as the ultimate goal.

The growth of the field is driven by the ability to speak English, which is one of WordDive’s special strengths. The importance of speaking English may be hard to see in developed Western countries if one already has a good command of English, but in many areas such as Russia, Latin America or China, the ability to speak fluent English can easily double one’s salary and essentially accelerate career development in every other way as well.

In autumn 2017, we developed a prototype of an AI-based innovation that can help the learner to speak English in only a few dozen hours. With the aid of artificial intelligence, we can detect individual articulation errors and give each user personalised instructions for correcting them. We released a beta version of the AI-assisted pronunciation feature in March 2019, and estimate to reach commercial quality by the end of the year.

With this innovation, WordDive is the first mover on the digital language learning market capable of providing a turnkey language skills solution. Our next goal is to accelerate the growth by decreasing the cost of user acquisition to a rapidly scalable level.

At the moment, there are plenty of applications on the market for learning vocabulary and basic grammar. The number and popularity of these applications shows how great the need for digital language learning is. However, WordDive’s new, AI-based solution takes digital language learning to a whole new level. It will quickly give the user the ability to speak in a foreign language in different work, studying and everyday life situations.

Based on the prototype and the beta version of the new oral skills learning feature, the following skills in English are estimated to be gained in approximately 75 hours:

  • Vocabulary and grammar, 45 hours (existing app)
  • Fluent articulation, 30 hours (Speak with AI)

We believe that personalised teaching of speaking skills will give WordDive a significant advantage on the global digital language learning market. The essential thing is to be successful on the most competitive markets such as Germany, because in the long run, the forerunners on those markets are likely in the long run to take over the markets in the rest of the world as well.

WordDive is a scalable, fully digital service, which means that as revenue increases, a larger percentage of income can be used for customer acquisition. This, if successful, will further accelerate growth. Our primary means of customer acquisition is paid advertising, which can be scaled rapidly when it is found to be profitable.

During the last two years, we have been investing systematically in developing our in-house marketing know-how. This enables competitive customer acquisition in Europe and in the USA mostly without third party assistance. In China, however, our plan is to launch with a local partner.

Läs mer
Vårt team

Timo-Pekka Leinonen

Founder, CEO

LinkedIn

Learning foreign languages was very difficult for Timo-Pekka. Regardless, he wanted to learn Japanese, and so WordDive was born. Together with his language teacher mother, he developed a prototype that enabled him to learn so much Japanese that he ended up working in Yokosuka and Tokyo in 1998–2000.

Juha Rintala

Chief Technology Officer

LinkedIn

WordDive's programming guru Juha was also WordDive's first developer. Juha is an expert on back-end, web, databases and cloud services, but these days his main job at WordDive is managing the entire product development as well as further development of the algorithm behind the AI.

Antti Arvio

Founder, Chair of the Board

LinkedIn

Currently the director of global partner program at M-Files, Antti has been in sales management positions for 20 years. Thanks to his long career at Nokia, Antti has a lot of extremely valuable experience of marketing mobile technology products internationally.

Lauri Leinonen

Chief Marketing Officer

LinkedIn

Lauri is a marketing professional with an impressive track record in customer acquisition in digital channels. Lauri has been responsible for WordDive’s marketing strategy since 2014, and in that role, he has successfully grown the revenue of the company tenfold in 4 years.

Vår berättelse

WordDive Ltd was founded in 2009, and the first version of the browser-based language learning service was released the next year. In 2011, WordDive was awarded as the best e-learning service in Finland. Our iOS mobile application was awarded as the best mobile service in Finland in its first year in 2014. In September 2018, we received a patent for the central innovation of the WordDive method, individual optimisation of learning, from in the United States (patent number US 10,074,290 B2). A few months later, WordDive was selected as one of the most exciting startups in the world in the Red Herring Global Top 100 competition.

The application uses artificial intelligence to recognise when the user has learned each item permanently. This makes it possible to optimise learning speed and the study items coming up in exercises individually for each customer. The use of multiple senses supports fast learning and achieving comprehensive language skills.

WordDive customers are goal-oriented adults or young adults who want language learning results fast. At the moment, our application offers 10 languages to learn, hundreds of courses, and English and Swedish prep courses for high school seniors in Finland.

The prep course, launched in 2014, became the Finnish market leader in just two years. The penetration rate of our prep course in Finland in 2017 was 48% (prep courses sold divided by the number of students taking the matriculation exam).

WordDive’s main pricing model is subscription 9,99 €/mo. Customers can also make a one-time purchase of 3, 6 or 12 months. The English and Swedish prep courses cost 79 € and 59 €.

In March 2019, we released a beta version of an AI-assisted feature that teaches foreign language speaking skills with a native virtual teacher.

Artificial intelligence raises speech recognition to a whole new level. It recognises pronunciation errors that impact understanding and helps every user to correct them individually. This is an international breakthrough which, according to our estimate, will have good IPR protection opportunities during the starting product development phase.

The cornerstones of our rapid international breakthrough goal for 2018-2020 are releasing a clearly distinctive, superior product that sets us apart from the competitors, and a tight focus on selected markets in order to achieve strong brand recognition and therefore profitability. Growth in the coming years will be achieved by investing in customer acquisition by digital marketing.

Läs mer

Finansiering och dokument

WordDive Oy har ökat 2,77M EUR i 2 finansieringsrunder med en senaste värdering av 9M EUR

Finansieringsrundor
Datum Belopp
apr, 2018 1 552 515 EUR
jan, 2017 1 220 000 EUR
Forum

Forummeddelanden kan endast läsas av företagets aktieägare.