Duolingo, Inc. Thesis

Duolingo has gamified language learning, making it accessible and engaging for millions of users. Its moat is its strong brand recognition, viral growth loop, and the data collected from its vast user base, which it uses to improve its AI models. The growth driver is the conversion of free users to paid subscribers, as well as expansion into new subjects like Math and Music. The investment thesis is that Duolingo can leverage its gamified learning platform to become the dominant player in online education across multiple subjects.