Indonesia’s Hacktiv8 Raises US$3M Funding led by East Ventures

Hacktiv8, a “Bootcamp” school based in Jakarta, announced has raised a US$3 million Pre-A series round led by East Ventures - Photo by the Company

JAKARTA (TheInsiderStories) – Hacktiv8, a “Bootcamp” school based in Jakarta, announced has raised a US$3 million Pre-A series round led by East Ventures, said the company today (01/15). Joined with the deal are Sovereign’ Capital, SMDV, Skystar Capital, Convergence Ventures, RMKB Ventures, Prasetia, and Everhaus.

Hacktiv8 was started in 2016 by co-founders Ronald Ishak and Riza Fahmi, over frustrations of developer poaching that is rampant among tech companies. The company provides a solution to turn absolute beginners into job-ready web developers in 12 intensive weeks.

Hacktiv8 claims to have close to 8,000 applicants, but only a portion able to be admitted as they put forward quality. The “Bootcamp” model of the program also forces students to spend upwards of 10 to 12-hour days, 5-6 days a week, for 12-18 weeks, leaving only the best could graduate the program.

Job seeking graduates at Hacktiv8 are commonly offered multiple job offers with an average salary of Rp11,000,000 (US$785,714) gross within 2 – 3 weeks after graduating. Graduates with honors distinctions are commonly hired within days of completing the program.

Hacktiv8 works with 250 carefully selected hiring partners who have signed agreements to employ its graduates, as well participate in a curriculum advisory board to help keep Hacktiv8’s curriculum relevant and up to date.

With a proven track record of getting students employed, Hacktiv8 plans to use this newly acquired funds to build more schools and offer the first Income Share Agreement program in Indonesia, an alternative to traditional student loans.

According to a survey by McKinsey in 2018, 15 from 20 Indonesia tech company executives reported struggling in hiring local tech talent, while 10 of them having trouble retaining local tech talent. Google and Temasek projected there will be around 200.000 skilled professionals employed in Southeast Asia’ internet economy by 2025. Yet, there is still very limited readily available talents in the region. Currently, this gap is still filled by senior professionals from banks, retailers, and global technology companies.

Willson Cuaca, Managing Partner of East Ventures explained, “Indonesia is one of the countries with a low number of engineers per million population. Not only because Indonesia has a large population, but Indonesia produces a small number of STEM-related program graduates.”

To fill the talent gap of Indonesia’ burgeoning digital economy, developer Bootcamp such as Hacktiv8 is the only quick solution. Hacktiv8 solves the problem and works closely with all industry players for the placement.

“Each cohort of students are sought-after by digital startups and get placement almost immediately. We hope Hacktiv8 could solve the problem in the long term and we are fortunate to be part of it,” he concluded.

US$1: RP14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com