Cakap, an edutech platform in Indonesia, has raised US$10 million in an oversubscribed Series B round co-led by Centauri Fund, a joint investment vehicle of Telkom Indonesia’s MDI Ventures and Korea’s KB Investment.

Singapore-based PE and venture capital firm Heritas Capital also co-leads the round, alongside KB Investment and other undisclosed investors.

The injection comes a year after Cakap‘s US$3million Series A+ round in December 2020.

The fresh capital will be used to expand Cakap’s certified course offering, as well as to bolster its market expansion in providing better access to high-quality education in the archipelago.

A portion of the funds will be channelled to improve Cakap’s technology such as machine learning and artificial intelligence to create a more personalised learning journey for each student through adaptive learning.

Also Read: Edutech is surging, but here are the 3 issues it is facing

Established in 2013, Cakap develops online learning applications enabling two-way interaction between students and professional teachers through video calls and text conversations.

The startup also expanded its offering into self-paced learning and certification courses that combine sequential multimedia learning, assessments, and LIVE Class ad discussions, giving their students much flexibility to complete a certification for new job-specific skills.

Buoyed by the pandemic’s negative impact on the education sector, the firm claims to have experienced significant growth and achieved profitability in the last two years.

With over 1,000 teachers across the regions, Cakap is said to give their adult and kid students a wide selection of professional teachers both locally and internationally.

The firm is said to have acquired 1.5 million students, with 500 per cent YoY growth in active students and more than 1 million downloads of its apps.

Despite the return of offline schools, Indonesian edutech sector remains excited as hybrid learning has become a useful tool to complement in-person training.

In addition, the archipelago has one of the largest education systems in the world with over three million teachers across 300,000 schools. This creates a fertile ground for edutech startups to thrive, with funding in this sector tripling in 2019.

Other prominent edutech players in the market included Ruangguru, Zenius, CoLearn and HarukaEdu all secured sizable deals this year.

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Image credit: Cakap







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