The Cakap team
Cakap, an Indonesian online language learning platform, announced it has raised US$3 million in a Series A+ funding round.
The investment was led by Heritas Capital. Participating investors included Strategic Year Holdings and existing investors Investidea Ventures and Prasetia Dwidharma.
As per a press release, the fresh funds will be used to expand its team, improve its technological solutions and grow its business across Indonesia.
Established in 2013, Cakap develops online learning applications enabling two-way interaction between students and professional teachers through video calls and text conversations.
The edutech startup claims it achieved profitability this year and its student numbers have grown 10 times since the beginning of the year and 30 times compared to the same period last year.
“Our solution solves the problem of the lack of access to high-quality education, not only for students in the big cities but also for the whole of Indonesia, including third tier cities and remote areas. We are excited to be part of the digital learning transformation in Indonesia, increasing access to high-quality education and elevating people’s lives in the long run,” said Tomy Yunus, Co-founder and CEO of Cakap.
Also Read: These Indonesian edutech startups are helping students cope and thrive during the COVID-19 crisis
“Cakap has created a unique and relevant solution for the Indonesian market and there is no better time to scale with many Indonesians and students becoming more internet savvy day by day. The company offers a compelling impact proposition through providing access to affordable quality education,” said Charis Goh, Director at Heritas Capital.
“From 2016 to 2019, the market for online education has grown rapidly, but in hindsight, it was a modest growth compared to 2020’s growth. The current pandemic has been a tailwind for Cakap and the rest of the online education industry,” said Arya Setiadharma, CEO of Prasetia Dwidharma.
Indonesia has one of the largest education systems in the world with over three million teachers across 300,000 schools. Edutech funding in Indonesia has also been steadily gaining momentum, with funding tripling in 2019.
Notable edutech startups in the market included Ruangguru, Zenius Education, and HarukaEdu.
—
Image Credit: Cakap
The post Cakap bags US$3M in Series A+ funding to expand its language learning platform in Indonesia appeared first on e27.