JAKARTA (TheInsiderStories) - Cakap, a local online language learning platform, its successful raised US$3 million of Series A funding, the startup announced today. The round was led by Heritas Capital with participation from Strategic Year Holdings and other prominent Investors.
Existing investors including Investidea Ventures and Prasetia Dwidharma also followed-on in the round. Online education has seen rapid growth in Indonesia, following the government’s new normal protocols, where 94 percent of students lost access to education, leading to the acceleration of technology adoption by education stakeholders.
Currently, the provider has established some major partnerships, including with the biggest telco company in Indonesia, PT Telekomunikasi Selular (Telkomsel), and trusted by several government bodies such BAKTI and tourism and creative economy ministry to provide online English training for hospitality and small and medium enterprises.
“We are excited to be part of the digital learning transformation in Indonesia and HELPING TO DEMOCRATIZE access to high quality education and elevating people’s lives in the long run,” said Tomy Yunus, co-founder and CEO of Cakap.
Indonesia has one of the largest education systems in the world with over three million teachers across 300,000 schools. EdTech funding inIndonesia has also been steadily gaining momentum, with funding tripling in 2019 and EdTech tool adoption witnessing record growth in SouthEast Asia.
“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,” adds by Charis Goh, director at Heritas.
Heritas is a Singapore-based private equity and venture capital investment firm that invests in fast-growing companies and leading funds across the healthcare, education and technology sectors. While, InvestIdea is a multi-stage investment firm, dedicated to improving the world in positive ways by funneling people, technology, and ideas to generate social impact and environmental development outcomes.
Then, Prasetia Dwidharma was founded in 2008. Since then they have grown to become a major player in the industry and have four divisions under their company. And, Strategic Year Holdings Limited is a privately held investment company focusing on private equity and real estate.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
