Two Ukrainian EdTech Startups Make Europe's 'Next Unicorns' List

Two Ukrainian Educational Technology Startups Recognized Among Europe's Most Promising Potential "Unicorns" Headway and Preply, two educational technology (EdTech) startups based in Ukraine, have been included in Viva Technology's "Top 100 Next Unicorns" list, which highlights promising European startups that have the potential to achieve "unicorn" status. 

The term "unicorn" refers to privately held startups valued at over $1 billion without being publicly listed. According to Viva Technology, companies were selected based on criteria such as actual and potential growth, total funds raised, headcount growth, geographic distribution, and positive societal impact. 

The list is compiled in partnership with the investment bank GP Bullhound and contributions from leading investment funds Accel, Eurazeo, NorthZone, and Partech.

Headway is an EdTech company with over 80 million global users that creates microlearning products. Since being founded in 2019, it has expanded to over 240 employees across offices in Kyiv, Warsaw, Nicosia, and London. Its flagship application Headway condenses best-selling non-fiction books into short insights for listening, watching, and reading. It also offers Impulse, a brain training application, and Nibble, which provides interactive lessons on various topics. In 2023, Headway was included in Holon HQ's "Europe EdTech 200" list of promising European EdTech startups. 

Preply is an online education marketplace connecting students and tutors globally. Founded in Kyiv in 2012, it has expanded its market to over 180 countries with over 35,000 tutors and 600 employees across offices in Kyiv, Barcelona, and New York. In July 2023, the company received $70 million from venture capital firms to integrate artificial intelligence into online tutoring. Later that year, the European Bank for Reconstruction and Development and International Finance Corporation co-invested $10 million in Preply in partnership with Horizon Capital to expand research and development, enhance the learning experience through AI, and introduce new product lines. 

Viva Technology publishes its "Top 100 Next Unicorns" list annually, noting that a third of the 2019-2023 companies have since achieved unicorn status. More than 40% of this year's potential unicorns provide enterprise software as a service solutions. A total of 22 listed startups came from the UK and 21 from France.