JAKARTA (TheInsiderStories) – Education tech startup, CoLearn, announced has raised Series A funding worth of US$10 million, co-led by Alpha Wave Incubation and American-based investor, GSV Ventures. Beside them, the existing investors such as Sequoia Capital India’ Surge and AC Ventures also participated in the round.
The tech firm was founded by Abhay Saboo, Marc Irawan, and Sandeep Devaram and launched in August 2020. Now, their servives has been downloaded by 3.5 million times and has around one million active users. The Jakarta-based startup offers more than 250,000 pre-recorded videos.
The company, which has its technology teams in India, looks to double its employee count by the end of the year, with a focus on recruiting for data science, product, and engineering roles across India, Indonesia, and the United Arab Emirates.
Recently, Cento Ventures reported, Southeast Asian technology investment may not hit new records throughout 2020, but startups in the region have faced various challenges and have proven themselves to be able to find new opportunities to grow and attract new investment.
“We estimate that if the pandemic recedes in 2021, then we will see continued growth in venture capital and realization of exits action. We saw a slight reduction in the share of early stage investment (those sized at less than US$3 million), with 238 deals in 2020 compared to 281 in 2019,” said the report.
Over half of tech investment flowed to the super-app companies and to online retailers, totaling over than $4 billion in 2020. Other sectors that saw rising interest included payments, logistics, and local services. Investment into payments and other financial services startups now forms the largest sector after the multi-vertical one.
At present half of investment in this sector goes into payments startups, with the rest spread across the other types of financial technology (FinTech). Last year, the region also saw JustCo included in Southeast Asia’ companies valued over $1 billion.
“We also saw expansion of the group of startups that have exceeded $100M in valuation, adding more than 20 names that included Stashaway, Waresix, Mekari, Shopmatic, Sunday,” wrote the report.
As for the first half of the year, liquidity events are where 2020 differed most from previous years. While the number of exits ended up on par with 2018, the proceeds generated fell significantly to under $1 billion. According to Cento, fair to assume that some larger potential deals have been delayed, as the sort of extensive due diligence required by international acquirers was harder to accomplish during this period of travel restrictions.
In this year, said Cento Ventures, tech investment may not have reached any new heights in 2020, but startups in the region have risen to the various challenges and proven they can find new opportunities to grow and attract new investment.
“We anticipate that if the pandemic recedes throughout 2021, we will see resumed growth in VC investment alongside some notable exits, by the time our next report is published in H1 2021,” concluded the report.
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